NYC incident. 6 people die. Up to 15 injured. NYPD treating it as potential act

Treating as potential act of terror
The driver of the rented HomeDepot truck drove down a popular bike and pedestrian path in lower Manhattan.  There are reports of 6 deaths and up to 15 injured - some seriously.  The drive of the truck got o...

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WTI/RBOB Jump After Major Inventory Draws Across Entire Energy Complex

WTI posted a 5.2% gain in October, the first back-to-back monthly advance this year, and held up near the highs of the day into the API print. WTI/RBOB kneejerked higher as the data hit showing large inventory draws across everything...

 

API

  • Crude -5.087mm (-1.3mm exp)
  • Cushing -263k
  • Gasoline -7.697mm (-1.55mm exp)
  • Distillates -3.106mm

Big product draws in the previous week - and a modest crude build - bucked the recent trend but tonight's API data shows huge draws across everything...

Expectations that OPEC’s cuts are “tightening the market supply-demand fundamentals continues to drive prices higher,” Gene McGillian, a market research manager at Tradition Energy, told Bloomberg.

There is “a little bit of profit-taking and that’s why the rally seems to have kind of stalled. But, I don’t think we have any indications that the rebalance has completely been priced into the market”

The reaction was an immediate algo-buying panic then modest fade...

Jay Hatfield, portfolio manager at the InfraCap MLP exchange-traded fund, told Bloomberg, "inventories are in good shape. Demand is quite positive globally. We’ve been appropriately bullish."

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