RE:OIL prices fallingWelcome to oil trading! ;-) NYC street traders are having a field day taking out stop loses from clueless investors and small time traders who are little sharks getting eaten up by big sharks.
What's really interesting with LTS is it's not moving. No buyers, no sellers. Dead volume again. 113K shares traded across all systems on the TSE and only 13K shares traded on the TSX itself.
So the gameplay on LTS is all the guys waiting for sellers at the bid aren't getting them. So they wait for the sellers to stack up at 19.5-20.5 cents (only 14 sellers there with just a total of 110K shares). Near the end of the day (or week), they will take them out.
There's 40 orders with over 500K shares on the bid at 18-19 cents. Too many people wanting LTS at these lows.
And fundamentally inventories are a red herring and estimates. The real oil traders focus on production and demand as well as physical movements of oil and what physical traders are doing (not saying).
Oil is going up, this is "market player" rebalancing we are seeing. Wall Street can't move on a dime but they can confuse a lot of people with the market press really not knowing what it's saying.
bushhog1 wrote: Usually when there is a build up of inventory, oil prices drop.
Now there is a decrease in Inventory, and oil prices still dropping.
The API said the Inventory fell by 6.7 Mln barrels and the EIA said
no the inventory only dropped by only 2.2Mln barrels.
So oil is falling because API was wrong and nothing about over all inventory
going down... what a game.