Wednesday, August 18, 2010

API Inventories

Tuesday night Bloomberg reports;
"Oil declined for the sixth day in seven after an American Petroleum Institute report showed crude supplies increased 5.87 million barrels and gasoline inventories rose 2.03 million barrels last week."

That's a pretty good sized build, particularly vs. expectations of draws. If the DOE numbers are even close it's going to make for some pretty charts.
The following are LAST weeks charts;




The blue band is the 5 yr. avg. range.
Crude and products are excellent examples of the current world wide economic dynamic.
Over capacity and production financed by cheap credit, storage ditto, market price ditto.
One of the great things about commodities is that the physical fundamentals cannot be ignored forever.

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