Article By:
Tim Knight
Monday, April 29, 2024 3:05 AM EDT
If DBC can be used as a proxy for overall commodity direction, it seems that it has fully escaped its descending channel and perhaps has begun a fundamentally new bullish trend. The six green bars in a row on XOP tend to align with this idea:
WTI Extends Gains After Sizable Crude Inventory Draw, Shrugs Off Unexpected Product Builds
$FANG $XOP $USO OK so we had EXACTLY the right #'s IF you just add the higher gasoline build to ESTIMATES versus the HIGHER crude DRAW to estimates. Basically the ESTIMATES really got it EXACTLY RIGHT! Crude -5.36mm (-3.3mm exp) Cushing +741k Gasoline +2.51mm (-1.1mm exp) Distillates +1.585mm (-1.6mm exp)