Stocks are starting to catch down to oil's disappointing pump'n'dump…
Oil was unable to hold $50… as market participants realize EIA data show unexpected drop in U.S. crude stockpiles last week was largely due to a decline in inventories on West Coast, isolated area market tends to ignore.
“PADD 5 might as well be Mars,” Bob Yawger, director of futures division at Mizuho Securities in New York, says by phone. “There’s no way of getting West Coast barrels East of the Rocky Mountains.”
Removing the 2.26m bbl West Coast crude draw from total, stocks would result in +1.7m bbl
And stocks are waking up…
With stocks having tagged stops at the 100DMA…
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