Oil and Gas Market Summary 9/8/16 from OilPricesDaily.com

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Doug Stetzer here bringing you your daily recap of all the latest news, events and trends influencing oil prices. Oil prices daily is brought to you by EKT Interactive Oil and Gas Training. Want a free introduction to oil and gas. Oil 101 covers all the industry basics from my group. You get to your understanding of this complex dynamic and exciting and street up to speed fast. So go to www.ektinteractive.com to learn more today.

So let’s get started. What happened today? They dropped the bomb on the markets confirming a yesterday’s API report and showed a draw of US crude oil inventories of 14 point 5,000,000 barrels from the previous week. Um, most of this was attributed to a drop in export. I’m sorry, a drop imports as bad weather over the last week kept cargoes out at sea. I’m so chances are actually that a lot of that inventory will just hit it again next week, but it was enough to send prices up over $2.

M about four and a half percent. Four point seven percent to settle up. Forty seven, 62. I’m so up to 12 on the day, so a huge move, um, know news, that headline driven in a jewelry market here waiting for headlines to give us some direction. So of course the big question is whether this will all just come to [inaudible] next week and the numbers and how this influences anything going on with OPEC, Russia, and of course that underlining story that we’re all waiting for at the end of September. Um, so basically I don’t think it really changes that narrative too much. Um, we’re still, if you look at the charts, we are in a nice solid 43 to 49 range. Um, this move doesn’t really, you know, cause a huge breakout in that sentiment, but obviously strong move flushed out a lot of shorts as well. And we’ll see if there’s any follow through on this tomorrow

as far as the other news goes. You know, this was really the dominant story today. There wasn’t a whole lot. Um, one of the things that I did kind of mentioning in the oil prices daily newsletter, however, was, you know, there seems to be some pretty decent geopolitical tension underlying the market as well. Some of these headlines, you know, I mentioned it in the newsletter, there was a time when just one of these words that would have been enough to send a the market higher, but we have seen to really kind of discount geopolitical news lately as the market was over supplied from a fundamental standpoint. But, you know, in the last week we’ve had close encounters a militarily with both Iran and Russia. So, you know, I ran, sent some boats around the US navy ship. Russia sent a fighter route to intercept a surveillance. US a surveillance aircraft in new reportedly came within 10 feet of this thing.

So a lot of posturing, you know, this isn’t even to mention, you know, what’s going on with China and south China Sea and all that kind of stuff. But a lot of headlines, you know, all it takes is one accident and uh, you know, it could send a tension through the roof. And that would ripple into the oil markets of course as well. So, you know, a big day, big breakout move again, four point seven percent over $2. So, uh, we’ll see again if there’s any follow through on this tomorrow if it’s enough to push up towards 50. But I think as people look to digest this report a little bit more, they’re gonna see, and you know, a lot of the news stories are already noting this, that is kind of a one off event caused by weather and a lot of that oil was just sitting off shore and we’ll see, uh, you know, if that just totally corrects itself next week. So that’s it for today. Um, one key store dominating things and we’ll see if there’s any follow-through. All right, thanks a lot.

Have a great day. Now.

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