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WTI/RBOB Spike On Inventories Data, Despite Production Surge To 14 Month Highs

WTI/RBOB Spike On Inventories Data, Despite Production Surge To 14 Month Highs

WTI and RBOB prices have drifted higher after modest weakness following API's inventory data overnight and then spiked after DOE reported a smaller than expected crude build, and bigger than expected gasoline and distillate draws. Following the lage rig count data, US crude production rose once again to its highest since Feb 2016.

 

API

  • Crude +1.91mm (+2mm exp)
  • Cushing -576k
  • Gasoline -1.104mm (-2mm exp)
  • Distillates -2.035mm

DOE

The Latest Hedge Fund Casualty: Former Halcyon Principal Oei Returns Capital To Investors

The Latest Hedge Fund Casualty: Former Halcyon Principal Oei Returns Capital To Investors

Another day, another hedge fund casualty.

According to Bloomberg, Eyck Capital Management, a hedge fund started by Khing Oei in 2013 after he left Halcyon Asset Management, is returning capital to investors, just days after Eric Mindich, founder of $7 billion Eton Park, said last week it would also return client money after “disappointing” results last year.

February Pending Home Sales Surge Most Since 2010 (And Plunge Most Since Nov 2014)

February Pending Home Sales Surge Most Since 2010 (And Plunge Most Since Nov 2014)

With new home sales jumping and existing home sales dumping, pending home sales broke the tie this morning with a massive beat (up 5.5% MoM vs 2.5% expectations). NAR's Larry Yun blames the surge in demand on higher stock market prices, warm weather, and fears of higher interest rates.

Midwest saw the biggest bump - after a big drop in Jan...

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