gold squeeze 2.0
market vibes
April 29…)
in the news
The FOMC will almost certainly hold rates unchanged at 3.5%–3.75% at 2:00 PM and the usual Powell presser will commence at 2:30.
The DOE reports on US petroleum inventories and industry data at 10:30. Yesterday the API said crude inventories fell 1.7 mm bbls last week and total US crude inventories are up 45 million barrels so far this year. Gasoline stocks are 0.5% below the five-year average for this time of year. So far no shortage stress in America.
A big day for AI & tech after the close: MSFT, GOOG, AMZN, META
Death Valley National Park is experiencing its first major superbloom in a decade (3 seconds).
in the markets
June WTI is pushing higher on rising open interest and low volume. The lede in energy news this morning is “the blockade may go on for an indefinite time.” The tepid rise in open interest is probably spec buying.
For all the hair pulling and hype, no one is making money buying oil so far, except China, THE largest long position in the history of oil trading.
According to Kobeissi yesterday China’s crude inventory is 4 times the entire combined WTI, Brent, gasoil, RBOB, and heating oil CFTC COT spec long position. And almost equal to the entire NYMEX futures open interest… 1.8/1.9 million lots vs 2 million lots…with no net draws and rising.
Is China attempting to do to crude what they did to gold in 2024 and 2025? More on that in the vibe.
