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It's the end of nine months of phoney war today as the UK triggers Article 50 and sets in motion the two-year negotiation process that will culminate in divorce from the EU. GBP bulls are already scarpering sending GBPUSD down some 200 pips since Monday.
Squawk / 17 August 2016 at 13:43 GMT
Head of Commodity Strategy / Saxo Bank
Denmark
The weekly inventory report from the EIA is due at 14:30 GMT. Following a near 12% jump in just four days, crude oil has been trading mostly in the red today.
The API inventory report yesterday helped at least temporarily to change the focus from a freeze deal to inventories. The precursor for today’s official EIA report showed a surprise rise in gasoline inventories of 2 million barrels while crude oil fell by 1 million barrels. EIA surveys are pointing to a 1m-drop in crude and an even bigger drop in gasoline inventories.
Result and comments will be posted below once the report has been released
17 August
Ole Hansen Ole Hansen
Crude and gasoline inventories both rose by more than expected while Cushing reversed some of last weeks increase. Against this we saw production rise by an estimated 152k bbl with 100k bpd coming from the Lower-48 states. Full results and initial price reaction below with charts to follow
17 August
John Roberti John Roberti
dear Ole, it seems to me tat beyond the drop in stocks, we have a fairly favourable data for a WTI decline because the production increased by 152 barrel/day during the week ( I.E. 1mmBBL for the week) with the lowest prices since long ago. Thus, after the epidernic reaction on stocks, we should see prices declining. What is your opinion on this? Thanks in advance
17 August
Ole Hansen Ole Hansen
And now with the correct overview
17 August
John Roberti John Roberti
It seems also that gasoline consumption is declining in the us with also the refinery usage thus this should not be pushing prices up?
17 August
John Roberti John Roberti
so far we have a first drop of 50 cents. What do you think will be next?
18 August
asena asena
Hi,What position could you advise at Ukoil price of 50 $??
18 August
asena asena
Is it good to buy Gold now sell it at 1400 $?

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