Cobra's Market View

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stuck in a range, no direction.

members only update starts here: http://www.cobrasmarketview.com/2017/04 ... ay-update/

Bulls about to lose the fight.

a boring range day again.

Waiting on EIA to confirm API's reported CL draw. Will move entire market (correlation algos) if confirmed.

Trades with cats wrote:Waiting on EIA to confirm API's reported CL draw. Will move entire market (correlation algos) if confirmed.

When does the EIA report come out?

Trades with cats wrote:Waiting on EIA to confirm API's reported CL draw. Will move entire market (correlation algos) if confirmed.

NYMO day low +7.74, should hit at least the Zero mark before a meaningful market bounce, maybe this week.

Good Friday turning point preview.

Next week could be very interesting.

http://www.cobrasmarketview.com/2017/04 ... ay-update/

-D

Oil was a mixed report. Overall crude draw, and a big time distillate draw. Still way over last year levels. Refineries ramping up now. Record crude inventory at Cushing OK.

Draw in CL was just above one VLCC super tanker load. Clipper data says there are normally 9 to 14 days worth of unloaded crude sitting on ships in the Gulf of Mexico. We are now in a matching game, as refineries ramp up the unloading needs to keep pace.

Of course the news feed is that the Saudi's have verbally added another six months to the process which the market has already "priced in". No idea what they would call failure. Anyway, the stalemate continues with the bulls pushing their plan B excuse (needs 6 more months).

For what it is worth. Buy ES after London/Frankfurt close, say around 12:00, close out about two hours later, around 2 ish made money every day last four days. Today sure has the same look so far.

My charts it would be 10 and 12 because I live in the intermountain west.

PAGING cats:
sheeesh
“BOFAML REITERATES FORCAST THAT BRENT OIL WILL REACH $70 IN JUNE: BBG”
2 hrs ago

The Big Shots, the monsters, on the daily with a 20ma in red

and the banks are still soft going into tomorrow's EPS
daily with the red 20ma

double bottom text book target. maybe the low was in, not sure.

Tillerson is live now
i don't know if they will take Q&A

Q&A now

Last spring a couple of the Brent fields shut down for a month for maintenance. The big swiss trading firm rented several tankers for temporary storage and manipulated the heck out of the Brent futures by pulling product off the market during the production slowdown. Spiked it nicely. So you just never know what games are going on.