A total build of 17.4 million barrels. First time I can remember the market reacting to a report with a $2 plunge.
Thanks patrick......wow, crude really did get hammered today!
"Crude has been holding the longer term uptrend. Will that be broken?"
That was my question last week. Appears that we got the answer today on the short term uptrend!
Crude 3 month chart
Crude1year chart below
Crude 5 year chart below
Crude10 year chart below
Unleaded Gasoline Price Charts(not as strong as crude or heating oil): Uptrend on longer term price chart......bull flag short term(or top?) Getting hammered today.
5 year........are we headed back to the highs?
Here are the gas prices at the pump. With the price below $2 in the front month, September, we are being price gouged at the pump!!!!!!
https://www.gasbuddy.com/GasPriceMap?z=4
Weekly US ending stocks of crude oil. Peaked in March 2017 and have been falling sharply since then. Now the lowest in 3.5 years:
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WCRSTUS1&f=W
Weekly ending stocks for unleaded gasoline. Barely peaked in Feb 2017 but have not dropped much...........similar this month to July 2017...still fairly high:
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WGTSTUS1&f=W
Weekly US ending stocks for distillate fuel oil(heating oil-especially used in the Northeast). Peaked in Feb 2017 and have PLUNGED to the lowest in 4 years and almost the lowest in 10 years:
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WDISTUS1&f=W
https://www.wsj.com/articles/oil-steadies-but-demand-concerns-persist-1534413583