US API Crude Oil Stock (just out)Just unbelievable that API came in with a 9.8Mil surplus, let's see what the market does with that plus we still need to see EIA numbers tomorrow, I'm done with this month and ready to start a new trend but the US is messing with it, this could be the last push down things are becoming oversold and we know that regardless of the event Oil traders are the final ones to put their price on it and with the negative happening like the US economy remains strong and the FED not knowing what they're doing is hurting traders bullishness so at this point the FED need a .50% - .75% increase and with that will put Inflation down into the 5's% then the FED will most likely let interest rates go without any changes or only .25% for a month or so but the damage they have done not controlling inflation with 1% increases right from the start but now its understood and I remember when they came with .75% move they were wrong and we're paying for it. One good thing, the US has demonstrated to Russia that we have lots of Oil so Putin won't have to worry about the cuts affecting the market. We're so close to the bottom and as soon as positive indicators start I'm sure that the traders will be bullish quickly. With this surplus why wouldn't Biden cancel injecting Oil into the market when it's not needed this shows he's an idiot and reckless with SPR and they must fear that Oil will rally to a point where Biden is helpless. It's going to be a green summer and the green shouts will be seen soon. Wouldn't that be something if EIA was caught fudging numbers weaponizing Oil or Putin sees this increase in Oil as a reason to increase cuts which is possible, Putin's reason to announce cuts was to affect the market so he hoped to time the announcement at the hight of news articles expressing worries of an Oil shortage if OPEC didn't reverse cuts so Putin must feel defeated but if they can afford to cut 500,000 why not 650,000 or if prices fall too low OPEC might intervene making cuts, if the market expects OPEC to be flexible in a meltdown then they have to appreciate OPEC firming up Oil prices, OPEC won't be happy with $70+ Oil for too long. There's a lot that can happen bullishly. It's good this happens today we're already down so let's rip the bandage off and get this month over with. Someone left the top lids open on Oil storage tanks during a storm filling 50% with water and making the Oil float up to the fill mark.
US API Crude Oil Stock 