At least not until the nice lady says she'd like to see some more variation margin.
From ZeroHedge:
How To Trade Oil For HFT Idiots
While we previously exposed the 1430ET NYMEX Close Ramp trade, it appears a new algo-idiot trade has made an appearance. "Sell API Inventory data, Buy DOE Inventory Data"
On both of these occasions, the DOE build was much higher than expected BUT the spin, of course, was that it wasn't as bad as the API build the prior evening...
Stocks even gave up on it...
Don't forget - today's DOE data showed record production, record inventories, and the biggest inventory build in 5 weeks... but apart from that it all makes perfect sense.From the linked piece:
Crude Oil Inventories Surge For 7th Week In A Row To Record Highs Amid Record Production
...US Oil Production hit a new record high... (despite the declining rig count - perhaps finally putting a nail in that meme)...
