 That's right oil out here this morning. We sure do it's getting carried away with gold We got crude oil coming up at 10 30 Eastern time seems like they're already talking about it in the den They got so API had a big draw on crude at 7.5 declined million barrels EIA looking for a decline somewhere over on 2.5 You know before we get in there, right? Let's jump around on the Bloomberg if we could because sometimes you want to enter a Whisper number. Yeah, let's let's see what they're looking for here and then put our name into the hat So the crude oil so there we go They are looking for whether it's a whisper number in terms of what people like ourselves anybody talking about Or they get the survey but somewhere with a decline of three million barrels call right ballpark Okay, you folks in the den put a whisper number in there. We'll try to even it off We'll go from we got about a couple minutes. Yeah, we well we had two minutes on the dot Okay, make an entry. Good. So we're gonna jump back. We'll start start looking at the trades. We got two minutes We'll remember it. We'll see if they want so the expectation is the decline of about three million barrels We got crude trading at 59 22 the 11 a.m Expiration spreads we could have an option to buy and sell with exposure from $59. So about 22 cents away We'll jump into the last excuse me the noons 59 50 would be our pivot point. So about 30 cents away I was looking to see if we could get a 59 25 right that would be your idea here So before we set it up Would have exposure from 59 at the 8 a.m. To 30s and 59 as well Excuse me. So it looks like 59 is gonna be our best option if you want exposure bullish and bearish as in your 23 cents away Because that noon it's gonna set up at 59 50. That's almost identical, right? So in this situation you'd almost want to have a bullish or bearish bias because you're either gonna gain exposure from 59 Or you're gonna gain exposure from 59 50 either way you're getting about 25 cent Yes start to the heads up. All right. We have a guess. So let's go. We're gonna go back. Where are we? There we are. We got 45 seconds. Okay, they're looking for minus 4.5 million. That's good And then see if you can he's looking for a Gasoline to yeah, but I think there'll be a drawing gasoline. Let's do the drawing gasoline Okay That in I think it is let's get our gas And what are we looking for for gas? I just said a draw. Okay. Well, that's good. We'll go We will go we're gonna go five minus 500. All right, okay Okay, 10 seconds to spare you get action in there perfect There's a well man quite a pop right? I mean that's where this that's where these spreads aren't exactly calibrated the price it's straight That because they're gonna open at the price that it's trading at as that spread becomes available throughout the day And you had oil trading at $59 for majority of it, which is why you have these exposures from 59 all the spread setting up, but if you're bullish not a bad trade and that even 59 to 62 You're getting in 26 cents above the market, but your losses are capped down at 59 you get a closer to 62 Not a bad trade when you talk about you have until 230 and you've had the volatility in oil Right, no doubt about that if you're directionally biased and you happen to hit it on the head as in your right Not a bad trade to have your losses capped 50 cents below where you're at and you get $2 and 50 cents above you Welcome back folks. Look at that. Do we have a number? We do have a number man. You've got crude oil inventories falling We should have went bigger go bigger go home man falling 12.7 9 million barrels gasoline inventories falling 996,000 That's what you can expect when you get almost a 13 million barrel build Draw yes, and you'd expected three man that price just jumped almost a full dollar and Pretty cool. That's quite a draw the one the one trade that we're possibly looking at right You were getting in at 59 50 in this the market was trading about 59 25 You're already up 33 34 dollars as this thing's ticking at 59 80 And it's gonna trade pretty close You're just marginal to the market right now as you're a solid almost dollar into the spread, but man That is quite a number and yeah 59 25 up to 59 90 in the span of a heartbeat And let's see if they got a Yeah, we'll see the full breakdown man But that that is quite a number and I imagine gasoline Inventories as well because that's on the bottom end of that range They might have been looking for a draw of only a couple hundred thousand to flat for gasoline Yeah, and then the XLE right now. It's up a buck 33 and That's stopping no Will be interesting here is that the the swing point on the XLE is 6378 and we're going right after it and it doesn't look like it's gonna be an ABC up But we'll see if I get the volume because that's 25.9 million there, okay, that we're going into or you only got 2.8 right now if we can look at some of so we started to check out some of The refinery they were talking about right yes Let's see. So where are we the top live? Yeah, because it was kind of cool how they were talking about when this dad actually is So here's the full breakdown to you have gasoline. Yeah decline of about a million barrels crude decline of 12.788 Gasoline the estimate was pretty much flat. I think and let's see where still to big drawing distill. Yeah distill missed by 2.4 That's pad 3-6.2 a big portion of that But it's it looks like it's everywhere man because even pushing Plus the distill it plus the pad 3 you're still not at 12.788 yet You know so I mean just constant all across the board So the refinery right yes in in Philadelphia So they do a good job of kind of talking about what you can expect here coming up to this report and So it's important to note that the weekly petroleum status report starts The period on Friday at 701 01 a.m. And ends at 701 a.m. The following Friday That means last week's report might not encompass all the fallout from the Philadelphia energy solutions explosion and fire And then to that point we might not see crude imports into the U.S. East Coast taking a hit in this week's report Because of that refinery fire the region's weekly average has been 794 barrels per day over the past five years So and it might not see any effects at all for a good few weeks if they manage to resell It's predominantly foreign crude imports to other refiners along the U.S. Eastern because you can picture these boats were already out there It's interesting, you know to redirect them It's a it's a great great direct sell to think about right and so the point being that those Those are gonna come those are already on the way And maybe you see an upsetting of the market in the next week or two as they re-evaluate all that And Yeah, so S&P energy index which was that spiking that's for sure Gasoline demand which almost got to 10 million barrels per day last week backs off considerably products applied down 452,000 barrels per day to 9.47 million in the week ended Let's just see we'll check back to see how the market's still moving So hanging up there 59 70 we'll check back in but quite a pop That's a strong bond and I am I mean this is where if whoa oil ever gets back to where we were or lower Then what's going on in that market exactly a draw like that that would be just so cool very weak If it was ever able to I don't I don't I would be surprised Surprised often well the cool the cool thing is that that's where the divergence would be huge Which is you know because that shouldn't happen. It's just common sense if oil can't trade higher when you have EIA of 13 million barrel draw. Yeah, then good luck to the bulls because that's a tough one. Totally Welcome back folks doubt I was up 63 NAS except 55 SAPs are up six and a half and that little contract is hanging tough The first move is the one that just kind of hanging there right 59 70 We're up about 50 cents from that price point You could have thought that it was gonna go a little bit higher man considering we got 70 cents a movement almost in the span of a heartbeat. Yeah, but nonetheless, we're quite a draw. We're looking Yeah, 12.7 million barrel draw We'll see if it can hit $60. We'll see