MacroVoices #384 Darius Dale: Blow-Off Top Coming Before Bears Get Validated
Macro Voices
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Technical Signals for Crude Oil Rally
EIA posted a crude oil build of 5.9 million barrels, which was really only 5.5 million barrels after another 0.4 million barrels were pilfered out of the Strategic Petroleum Reserve. Cushing Oklahoma, drawing down a very, very large 1.6 million barrel drawdown. US production ticking back down 100,000 barrels to 12.3 million barrels. EIA issuing an upward revision to its demand outlook was the principal factor behind this week's crude oil rally.
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