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Purveyor

(29,876 posts) Tue Apr 26, 2016, 06:38 PM Apr 2016

Oil Hits 2016 High After U.S. Crude Draw Report, Gasoline Rally

Source: Reuters

Crude oil prices hit 2016 highs on Tuesday on the back of a rally in the gasoline market and after an industry group reported a surprise draw in U.S. crude stockpiles.

Brent and U.S. crude's West Texas Intermediate (WTI) futures finished regular trading about 3 percent higher, riding on the coattails of a gasoline rally that hit August highs after a series of refinery hikes.

In post-settlement trade, both benchmarks rose more than 4 percent after the American Petroleum Institute reported a drawdown of nearly 1.1 million barrels in U.S. crude inventories last week versus a 2.4 million-barrel build expected by analysts in a Reuters poll.

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"There's a possibility we could see newer highs from here, notwithstanding the EIA data, as the market is really fired up on the idea of tightening supplies," said John Kilduff, partner at New York energy hedge fund Again Capital.

Read more: http://www.reuters.com/article/us-global-oil-idUSKCN0XN02S

3 replies

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Oil Hits 2016 High After U.S. Crude Draw Report, Gasoline Rally (Original Post) Purveyor Apr 2016 OP

"the market is really fired up on the idea of tightening supplies" Code for screwing the consumers. cstanleytech Apr 2016 #1

Yep and testing our already tittering economy. eom Purveyor Apr 2016 #2

And just think............................. turbinetree Apr 2016 #3

cstanleytech

(26,295 posts)

1. "the market is really fired up on the idea of tightening supplies" Code for screwing the consumers.

Reply to Purveyor (Original post)

Tue Apr 26, 2016, 06:51 PM

Apr 2016

Purveyor

(29,876 posts)

2. Yep and testing our already tittering economy. eom

Reply to cstanleytech (Reply #1)

Tue Apr 26, 2016, 06:53 PM

Apr 2016

turbinetree

(24,703 posts)

3. And just think.............................

Reply to Purveyor (Original post)

Tue Apr 26, 2016, 07:52 PM

Apr 2016

old Pauly ( Eddie Munster look-a-like Ryan) and the boys and girls in the Congress, scrapped the 1973 law, when this country was waiting in gas lines for up to three plus hours just to get five gallons of rationed gas, half of these twits don't remember what it was like, nope, they were still in most cases not even a thought,---------------------, so now with prices which were falling, they decided all by themselves, to put the country and world at risk again..............................KOCH's, that says it all..........................and now there is another hedge fund Again Capital--------catchy name.
I bet they are playing both sides in this gambit, since they operate under the 1940 Act to be established to do this ponzi scheme

https://history.state.gov/milestones/1969-1976/oil-embargo

http://www.theguardian.com/business/2015/oct/09/us-crude-oil-exports-house-of-representatives-vote-obama

Honk---------------for a political revolution Bernie 2016

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