RE:RE:RE:Oil pricesGold held and silver barely went down...
I get the stronger dollar and treasury yields but todays drop was like 5 F*ckin dollars...I think those type of factors sink it abit like 1 or 2 bucks.
But 5 plus drops are usually actually supply issues that spook the sh*t out of traders.
And of course the amount of stop losses triggered adds to the snowball effect.
But 10 million barrels added too supply right now is alot more then it sounds.
The year over year surplus in crude is 47 m.....10 million barrels makes that 21 percent higher.
Likely a mutltiuple of factors that caused the drop (sure EIA report alittle)but these 10 million barrels didnt do any help when the market is trying too absord the overhang in supply from the refinery shutdowns.
Oil is the only energy product really over supplied.
Gas is fine.
Diesel isnt that bad.
Propane actually is was under supplied.
I think traders need to physical see the oversupply before dumping 5 bucks in one day.
Could also have seen a wall of producers trying to hedge after the sh*tty wednesday report.
Some of the shale players could have been lockin in at 65 plus bucks
Time will tell