You are here

Business

Crude Plunges After DOE Reports Big Build

Crude Plunges After DOE Reports Big Build

Following last night's surprise inventory draw (1.1m via API), WTI soared above the week's high holding $45 into this morning's DOE data which was dramatically different. Instead of a draw, DOE reported a bigger-than-expected 2.00m build along with a major build at Cushing and Gasoline stocks also rose. Despite a small drop in production, WTI prices are plunging, erasing the hope-driven API ramp.

API

  • Crude -1.1m (+1.75m exp)
  • Cushing +1.9m
  • Gasoline -400k
  • Distillates -1.02m

DOE

Silver “Momentum Building” As “Supply Trouble Brewing”

Silver “Momentum Building” As “Supply Trouble Brewing”

Silver “Momentum Building” As “Supply Trouble Brewing”

Silver bullion prices are likely to rise further as there is “supply trouble brewing” as strong industrial and investment demand are confronted by declining supply.

“There are signs that this year could be a pivotal year for the silver market,” New York-based CPM Group said in its “Silver Yearbook 2016.”

Pending Home Sales Tumble In The West As "Demand Is Starting To Weaken"

Pending Home Sales Tumble In The West As "Demand Is Starting To Weaken"

Following the weakness in new home sales, starts, and permits, pending home sales modest beat of expectations (+1.4% MoM vs 0.5% exp) provides a glimmer of hope for homebuilders and recovery-narrative-buyers. The decoupling between new- and pending-home sales was also seen at the start of last year, and ended badly for pending home sales...

 

 

"Carnage" - Dan Loeb Explains Why This Has Been A "Catastrophic" Time or Hedge Funds

"Carnage" - Dan Loeb Explains Why This Has Been A "Catastrophic" Time or Hedge Funds

Yesterday's plunge in AAPL, which as we noted is one of the most widely held names by the hedge fund community with some 163 names long the stock, cemented what has already been a terrible start to 2016 for most hedge funds following a comparable blow up in Allergan one month ago, arguably the most popular at the time stock within the hedge fund community.

Overnight, none other than Third Point's Dan Loeb confirmed as much when he said that hedge funds are in the first stage of a "washout" after "catastrophic" performance this year, to wit:

A Major Warning From Tom McClellan : "Can This Possibly End Well?"

A Major Warning From Tom McClellan : "Can This Possibly End Well?"

In one of his tweets yesterday, Tom McClellan, creator of the famous McClellan Oscillator and Summation index used by thousands of traders everywhere as a market timing tool, pointed out something disturbing: the number of shares outstanding of the VXX, the VIX tracking ETN, has soared exponentialy in recent weeks.

 

Pages