The big question is: how did the crude oil market react to the news that there was a paltry drawdown in US crude oil storage this week? The price of WTI dropped below $48 yesterday. Traders are obviously seeing the same problem.The point is this: this morning I suggested that "inside" traders knew yesterday that the drawdown in US crude oil supplies that wold be reported today. Today we see further proof -- from Twitter:
The bigger question is: when did traders get this information? Based on the time of the price move, it is clear to me that "inside" traders got this information yesterday; the rest of us got it today. The big move in WTI pricing was yesterday. Today, the price of WTI moved just one cent -- WTI is down $0.01 today (at this moment -- May 3, 2017; 12:35 p.m. CDT). Just saying.
Yesterday afternoon, "inside" traders got the news. The "official" report was embargoed until today for the rest of us.
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