EIA Oil Wednesday
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Started by patrick - Aug. 15, 2018, 11:17 a.m.

A total build of 17.4 million barrels. First time I can remember the market reacting to a report with a $2 plunge.

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By metmike - Aug. 15, 2018, 3:11 p.m.
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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

               

                   
By metmike - Aug. 15, 2018, 3:12 p.m.
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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.

3 month                 

                   


1 Year                

                   


5 year........are we headed back to the highs?

                   


10 Year                

                   
By metmike - Aug. 15, 2018, 3:14 p.m.
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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!!!!!!

USA National Gas Price Heat Map from GasBuddy:

https://www.gasbuddy.com/GasPriceMap?z=4




By metmike - Aug. 15, 2018, 3:15 p.m.
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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

By metmike - Aug. 15, 2018, 3:16 p.m.
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http://charts.equityclock.com/seasonal_charts/futures/FUTURE_CL1.PNG

By metmike - Aug. 16, 2018, 2:07 p.m.
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From the WSJ:

Oil Steadies But Demand Concerns Persist      


https://www.wsj.com/articles/oil-steadies-but-demand-concerns-persist-1534413583

"Commodities prices fall over worries of economic slowdown in emerging markets and China"