Crude — Oil Still in Downtrend

NYMEX:CL1!   Light Crude Oil Futures
139 7 3
Big bounce.

Oil             price increased due to new storage space — Railcars.

It is now at a good supply level . ALso consider shorting CHK             and KMI             .
The idea is comical and based on a fairy tale logic. There are so many major factors that have pushed the price of BRENT and WTI up and the VERY least effecting, if at all is rail cars. It's comparable to saying "me and my buddies drove cross country" - that's why oil went up today. Good day.
GMOTruths tbuckle
Please explain why you think oil has bounced as much as it has? (If not talks of rumors of talks of oil stabilization.)

tbuckle GMOTruths
European economic union QE expected. China stimulus, Dollar weakness, Japan stimulus. Iran lower than expected output, US production down, SP5000 above 2000 or there about, oil creeping up to levels that shorts no longer wanted to risk, OPEC and Russia talking up freezes and rumors of even a production cut. RUMORS only, but still scares the shorts. Short squeeze, etc. Oil co's offering secondary well as rumors of banks purposefully pushing up oil so that the companies they have loans to don't go bankrupt. Pure manipulation. Just to name a few. Add that to rail cars and my trip to LA last weekend. :) teeee hee hee. lol
GMOTruths tbuckle
Did Iran cut production? AFP reported the opposite. Iran upped oil exports by 30% last month: minister Is that news wrong?

I read between 500 and 700 gallons / car, and 10,000 - 20,000 cars. Does anyone have an exact figure? Taking the lower of those two numbers, 500 bbl / car * 10,000 cars = 5 MMbbl -- about 1 day's worth of US oil. An insignificant amount? If so, then why? Is it cheap?

I read Cushing US storage capacity is at 70 MMbbl and that it was recently filled to 68.8 MMbbl. Is the news wrong?

I read US Strategic Petroleum Reserves is apparently nearly maxed out at 700 MMbbl. A lot of oil.

I may be new and uneducated (GED), but it seems that maxing out on storage is indicative of a whole lot of buying; and it is speculative buying based on expectations that the price will be higher in the future. Increase in demand drove price up. I think temporarily,
tbuckle GMOTruths
What Iran reports and what they actual are able to do are two different things. The are under fulfilling what the market had priced in for how much production they would have. Filling up storage would/should drive prices down since with no where to store it, it would be on sale. There are many factors that contribute to oil's price. Rail storage is not a big one, in my opinion. I have sources that speak with people at the NYMEX, etc. and the info they are trading off of is vastly different than what the media uses for their headline stories.
ya rail cars drove up the price of oil from 26.5 to 38. lol
respect the idea, please.
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