 So we get that oil out here too, right? We sure do we had a bill last night of 2.8 I think yeah, I think you're right the API was about 2.8 We looked at the EIA much more even muted. I think a bill to only like 340,000 barrels Let me pull up crude oil. So there's our crude chart trading right now at 61 60 gonna that June contract Chumping in so we'll start with the 11 a.m. Let's see how these line up. So again 61 60 We're gonna have an option of 61 75 and it's kind of nicer This is exactly what we do with the earnings as in that one-day market move, right? I figure out basically how much they're gonna charge us to hold this not bad. You have a Excuse me it swallowed 15 cent head start to the downside, right? You're gonna have value so your bullish one It's about 15 cents out of the money. You start getting value at 61 75. So that's just gonna be all premium 10 bucks and The bearish one is where you're gonna have 15 cents of intrinsic value Then you're gonna pay some premium on top of that. So you're looking at 36 bucks. Okay represents 36 pennies Under 61 or in either direction for 61 75 a little bit bearish though head start. Let's see where close these real quick So that was the 11th and that was what was that again 30 36 36, okay, and Okay, so this is kind of cool. We can figure out now the noons Line up at 61 50. So this is a great example where you get used to it, right? Say, ah, you know what that trades okay, but I was a little bit bullish really Yes, well these give you the option to now have that intrinsic value on the bullish side Your bullish trade becomes the one that you're paying 26 for your bearish one is gonna become the one that you're paying there we go a Little bit more so 42 you have the extra hour, right? But again kind of cool that now you have 8 to 10 pennies on the bullish side, right? And let's see where some of these dailies line up. So you got the first one Okay, that's 61 50. I'm just gonna jump to these dailies at the same time And that's gonna line up only just at 61, but this is good. This will give us so same exact price point as the noon There's your bullish it's now gonna be $34 you get 10 cents of that in return to value in the bearish two hours Two and a half hours. Yeah $56, okay, and of that you have a 15 Send head start to the bullish side right, let me take a look at the CLM I think we're on yes tune contract. Yeah, so It's 6107 this morning. Oh, this is interesting too because what we had is that done Monday? He didn't come down with volume. Oh, yeah, we'll press and yes, they would volume too interesting. Okay, so let's see Yeah, cuz move has been moving a lot with the market. I mean as you see those two I mean it's basically that could be an S&P Chart with the gap down. I know huge move Monday the gap down again Yeah, well, I'm gonna go for a little price Okay, you got that they get that low yesterday at 10 o'clock in the morning up. You can see that that's that's sticking out like a sore thumb Right there. What is that? That's 60 66. Yeah, I remember it was $60 and oh yeah six six six Was the low? So we'll see where this baby goes. Yeah, you know, and there's no doubt. We brought this up before that the The oil contract in general, you know Back almost the last year and a half where oil goes over the S&P girls there. They've been following each other. Definitely, you know Let's see if they got any analysis in here as they start there. Good. They got some what to watch for us I like these as we get ready so Outflows and in flows last week parts of the US South again met with a bunch of bad weather ranging from heavy rains to tornadoes Well, there was little reported in terms of waterway closures the weather might have slowed down marine traffic Sapping both imports and exports of crude and products how the economy works It is the weather of these that how it plays in right? We've seen refinery problems in terms of their a lot of real Fundamental nature yeah aspects of what's going on and here we go refineries utilization is at the lowest level for this time Of year since 2016. Well, it's only 2019 Let's not it should improve as plants come back from maintenance during the course of the month crude bulls are looking for a Pick-up in refiner demand to eat into the highest stockpiles since 2017 Crude oil crude inventory figures have recently started to get a bit wonky refinery utilization is flattish Though expected to ramp up as they come back online the main oil products have seen draws crude imports remain near multi-month Lows even if they've risen the last couple weeks, you know, we're two weeks away from the beginning of the drive-in season Yeah, I mean May 30th. That's Memorial Day's the number. So yep Yep But the other interesting numbers though because oils still high compared to this and that the most amount of oil that we have in storage Yes, I agree. I agree and we've seen it right. We've seen These numbers have huge builds right and the market trade higher. I mean, that's it So that's why you know, how do we get huge surpluses and higher prices? Well, we've seen it do it We'll see if we do it again Say right there folks Tommy and I coming right back. We have the Dow industries down 18 Nasdaq is flat S&P's up seven and a half Welcome back folks gas inventories crude inventories fell 3.9 million barrels big number new territory I don't think we've had a fall like that in a while and to see where we're trading at a little spike as you would expect Right, we'll get into the real numbers But it was pretty close to either being flat or a slight build API should have build right 2.8 million So higher prices less oil higher prices 6186 Quite a little spike. We're just trading coming into that number 61 like 56 6157 because I even during the break I pulled up the 6150 right as well right next to it It would have cost us about $40 to put on both sides until noon And right now you're almost trading them $40 up in terms of the bullish contract on that on that move This is gonna be deviant art here today Oh, look at that they even have so the whisper number was slight build But the median analyst estimate was looking for almost 2 million barrels to the upside gas down 596,000 estimate was decreased of a million Let's see refinery utilization down versus an estimate being up half a so that's pretty amazing because you think that Like I was gonna say that okay, so maybe the refineries that you know taking the oil now But that's saying that no that's not the case, you know, yeah, the right no, he's not there, you know, yeah and Maybe maybe it's so many buffing parts. It's awesome crew production. Well, you're not even producing it in the beginning, right? Maybe that was down ahead of it. So Because you have refinery crude inputs down crew production down Through it puts down to yeah, right Yeah, not helping the market though No a little bit of a pop, but we'll see where we go. No, I didn't mean the broad market Oh, okay. Yeah, you still get the S&P's down 10. Yeah, this is gonna see this is you know, so wild So we've been talking about like the last couple times that you've had the A huge build yeah And now you're gonna draw down and it's having a hard time holding price. Yeah. Yeah, I agree You gotta love markets folks. There's no doubt about it. Definitely. Let's check back in on oil real quick and see where we're trading. Oh Little acceleration pop as we speak above $62. So the contracts we were looking at had exposure of 61 50 The noons so about 50 pennies above there is gonna cost us $40 for both sides. So one way of saying that, right? It's above the Expected move right right the expected move by noon was pricing in at $40 because that's what both sides We're gonna cost you we're now at 50 cents. Excuse me 40 cents 50 cents So you can make that decision whether you want to there's your bullish trade Which would have about 46 pennies with a little bit offer right around it Well, maybe maybe higher prices. Yeah, it's finally got a draw. Let's take a look So I know this is Delayed but let's see what it's looking like Yeah, and it is delayed but looks like we already got the spike. There's the pop 61 75 So the high of Monday was 62 92 So was yeah, let's see the XLE with that's doing any juice in that Up 18 cents nothing much there. So that means that Exxon is still not moving out here Yeah, there you go Chevron It's gonna be interesting to see how this battle shapes up Now Chevron looks like it wants to come off this low here. This is interesting. So You got a building cause here get a lot of moving pieces in that market man