Price Of Oil Surges Almost 6% -- I'm Sure The Reason Is The Fundamentals -- But ...

Yup, fundamentals. "Neutral crude oil build":

• Oil was $2 a barrel higher on Wednesday after the U.S. government reported a crude inventory build squarely within market expectations, extending gains after an earlier rally triggered by what the market described as a big algorithmic trade.
• The U.S. Energy Information Administration (EIA) said crude stockpiles rose 3.4 million barrels last week, matching analysts' expectations in a Reuters poll.
• The EIA also reported an inventory drop of 785,000 barrels at the Cushing, Oklahoma, delivery hub for U.S. crude futures.

Does that really convince anyone. The price of crude oil surges almost 6% when crude oil inventories come in exactly as predicted. Something more is going on, folks. Those "algorithmic trades" will get you every time. Sort of like the government's "seasonally adjusted data."

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Pensions

Speaking of pensions, BizJournal is reporting:

Some 8,737 United Parcel Service Inc. retirees could soon see their pension checks cut. The reason – some UPS retirees receive their pensions from the cash-strapped Central States Pension Fund, which covers hundreds of thousands of workers from different companies. 

The fund says it needs to make cuts in order to keep from running out of money.

A former UPS truck driver who retired in 2007 after more than 30 years on the job told CNN his monthly pension check of $2,903 will be cut to $1,452 as soon as July, if the Treasury Department approves the plan.

Altanta-based UPS left the Central States fund in 2008 as a way to save money and provide retirees with better benefits, but took only current workers with it.

UPS says it does not have a contractual agreement to cover UPS employees who had retired and were in the Central States fund prior to 2008.

Summertime sadness:

Summertime Sadness, Lana Del Rey