The POO will take care of itself. In the short term it will be...

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norto89

455 Posts.

137

12/08/20

08:52

Post #: 46472081
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Originally posted by Shorterskillme: ↑

Yep, but in typical fashion the POO performed extremely well overnight just to close weaker in time for our open.
Wait for comfirmation of numbers from the EIA and we'll get the pop again tomorrow. Hopefully the prices hold overnight when we do.

The American Petroleum Institute reported late Tuesday that U.S. crude supplies dropped by 4.4 million barrels for the week ended Aug. 7, according to sources. The API data also reportedly showed gasoline stockpiles declined by 1.3 million barrels, while distillate inventories were down by 2.9 million barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged up by 1.1 million barrels for the week, sources said. Inventory data from the Energy Information Administration will be released Wednesday. The EIA data are expected to show crude inventories fell by 4.7 million barrels last week, according to analysts polled by S&P Global Platts. They also forecast supply declines of 2.1 million barrels for gasoline and 100,000 barrels in distillates. September West Texas Intermediate crude CLU20, +0.14% was at $41.72 a barrel in electronic trading, up from Tuesday’s settlement at $41.61 on the New York Mercantile Exchange.

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The POO will take care of itself. In the short term it will be driven by speculators. As long as inventories keep draining, the fundamentals are strong, so it can only move up.

Newtons 3rd law - Every action has an equal and opposite reaction

SXY Price at posting: 26.5¢ Sentiment: Buy Disclosure: Held
3 Upvote

0 Great analysis

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