Thursday, October 15, 2009

Major MoMo Sucker Trade To Fade

WTI made a VERY impressive run to new highs on inventory data that is questionably bullish.
Padd V crude stocks down 2.7 and Padd III up 4.1.
Leaving out the Padd V give crude a 3.0 mln build. Runs % down 4.1%  at 80.9.% Cushing crude stocks up 400,000
Crude Imports -0.367
Gas Imports  - 0.321
Gas Demand  -0.013
Dist Demand +0.03
I suppose shutting down refineries works to clear that pesky gasoline inventory but doesn't that kinda put the whack on crude? 
MoMo traders to the rescue.
BTW notice Gold and Yen lately? Will the Euro be far behind?

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