Stocks are up thanks to another mindless spike in WTI Crude this morning after Genscape reported a smaller than expected build at Cushing. WTI spiked over $37 and Brent back above $40 on the news as Futures and ETF shorts cover.
From Genscape:
- Storage: 68,770,779
- Chg. From Fri, Feb 26: +670,714
- Chg. From Tue, Mar 01: +70,468
So a considerably smaller build than the prior week, which sent WTI back above $37 for the first time since Jan 6th...
Futures shorts covering in size...
And Oil ETF Shorts have collapsed back to "norms"...
Finally we are worried for Dennis Gartman's health as he has just $7 until potentially bad things happen:
As he said on CNBC "we won't see crude above $44 again in my lifetime."