RE:RE:RE:RE:RE:Big drop?MigraineCall wrote: Totally agree with that.
There's your game plan!
One more thing I should point out is that last week's extreme EIA excessive gasoline build last week of 6mm bbl, does not correspond with Gas Buddy data, which shows a few hundred K more per day on the demand side.
It could have been a very low implied demand as retailers delayed ordering fuel from wholesalers during the recent price drop, but they have by now which would reverse the build.
If EIA gasoline stock report corrects to show higher demand, it leads to higher cracks, which mean a higher oil price.
Stay tuned for Thursday's delayed EIA report due at 11AM EST due to Monday's Columbus day holiday, that few recognize.
liljohnnyjoke wrote: I doubt many will want to risk being short oil going into this weekend.
On the other hand if oil runs back up before the weekend just on risk and nothing BIG happens then oil price likely drops significantly come Monday.
remember i had said EIA often make amendment to their published data. I thought it's for political reason but i dug this article, where EIA stated what and why they do.
Why You Shouldn’t Believe Those Headlines About Energy And Emissions In 2050 (forbes.com) “EIA is really sure that what we project in here is not going to happen,” said David Daniels, EIA’s chief energy modeler. “It is wrong. We know it's wrong. It's biased. We know where the bias is.” The EIA makes a distinction between projections and forecasts that may not be fully appreciated by some readers of those headlines. Its projections, said Daniel, establish a baseline against which to measure the changes that do come.
“Why in the world do we do this? It's ridiculous, right? We do it because we're not trying to produce a forecast of the future. We're not trying to predict what's going to happen. We do it because we're trying to produce a baseline, a baseline against which to measure change, the impact of action. You can't measure the impact of action unless you have a baseline against which to measure it, so we are producing a baseline.
“You need a forecast in order to make an investment decision. You're not gonna get that from EIA,” Daniels said. “Please don't make any investment decisions based on this. It will be wrong. You will lose your shirt.”