TSX:PWT - Post Discussion
Post by
makedonka on Apr 26, 2017 8:53am
Tedious Trading
"
The oil trade has become tedious with a bigger dose of monotonous heaped inside. Not even another conflict with Iran or a drawdown in oil inventory could wake this boring market up out of its tedious movements. Perhaps that may change as the dollar is springing back to life and we get oil inventories and reports that Mexico’s PEMEX is going to spend 134 million dollars on a great oil hedge. Along with that, traders may look at other outside commodity markets that are showing some signs of stress. The API did report an 897,000 barrel drop in crude oil supply and an even larger 1.97 million barrel drop in Cushing, Oklahoma. Of course some of that drop was because refiners where ramping up gasoline production, allowing those supplies to increase by an impressive 4.45 million barrels. Distillates did fall by a modest 36.000 barrels. So, it was really a mixed bag not really helping the bulls or those bears and encouraging a big rise in malaise to what is almost a disgusting level."
https://blog.pricegroup.com/2017/04/26/tedious-trading-the-energy-report-042617/
Be the first to comment on this post