Thursday, September 20, 2012

I haven't really been paying much attention to oil this summer. We have been averaging flat to 3 million barrels of inventory build each week. Non eventful.

So, when I was watching Doomberg last night and they report a larger than expected increase, I had to go over and see what it was.

I shit you not. The first time I read the number I said to myself - that can't be right.

Oh, it was right. And it was sphincter tightening. 8.5 million barrel increase in inventories.

Expecially when they predicted a .5 million barrel increase. That is a pretty wide gap.

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