The showdown between the physical and financial oil market is about to result in some truly epic fireworks.
See for yourself…
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– Oil Facing Physical Shortage Crisis: API Crude Draws 9 Of Past 10 Weeks As Cushing Hits Tank Bottoms:
https://archive.is/Vtebi
It was very much a given that ahead of tonight’s debate between Donald Trump and Kamala Harris, the one variable that the state does control – the price of oil – will move in the direction that gives its preferred candidate the biggest benefit, and sure enough oil plunged more than 3%, dropping to the lowest price since December 2021 (right before it quickly doubled over the next 3 months).
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And while we await the DOE to confirm this report (the DOE is well-known to manipulate the data in a way that will keep oil prices depressed until such time as it can’t manipulate it any more and then prices explode), the chart of Cushing stocks – using the API update – suggests that we are now effectively at tank bottoms…
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… which is stunning as it means just one large weekly draw and oil prices will absolutely erupt higher in what could be a short squeeze of financial bets for the ages.
For now, however, let the bears have their pyrrhic victory: after all, had oil not been artificially depressed to 3 year lows, Kamala would have zero talking points in today’s debate.
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