Snake Oil Sales

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The best thing about weekly scheduled “news” events is that they can offer volatility and entertainment.  The worst thing is that unsuspecting retailers regarding them as actual “news” and don’t recognize news events and scheduled releases for the scams that they truly are.

This week’s exhibit in the you-can’t-make-this-stuff-up category is none other than light, sweet, and lately crude West Texas Intermediate.

In Tuesday’s API report, we see this – nice draw down:

API Report

In Wednesday’s government EIA report, we see this – oops, it’s a build!
Practically the inverse:

EIA Report

Of course, the light, sweet, crude traders are confused.  What goes up must come down.  Is it any surprise that the 120-tick blast North almost equals in tick distance the symmetry and proximity to the reverse-the-thruster blast back down???