{"id":69723,"date":"2015-03-18T07:29:53","date_gmt":"2015-03-18T11:29:53","guid":{"rendered":"http:\/\/countingpips.com\/?p=69723"},"modified":"2015-03-18T07:43:19","modified_gmt":"2015-03-18T11:43:19","slug":"crude-oil-tumbles-to-42-on-huge-api-crude-oil-build","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2015\/03\/crude-oil-tumbles-to-42-on-huge-api-crude-oil-build\/","title":{"rendered":"Crude Oil Tumbles to $42 on Huge API Crude Oil Build"},"content":{"rendered":"
March 18, 2015<\/div>
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Article by ForexTime<\/a><\/p>\n

Crude oil prices tumbled to $42 per barrel for what appears to be the 10th week in a row that the American Petroleum Institute reported a huge build in crude oil inventories.\u00a0 On Tuesday evening the API reported a massive 10.5 million barrels build in stocks, far bigger than the 3.1 million barrel expected by economists.\u00a0 Additionally, the report showed a monstrous 3 million barrel build at Cushing Oklahoma.<\/p>\n

On Wednesday at 10:30 AM ET, the Department of Energy will report its estimate. If this holds for DOE data it will be the biggest weekly build since 2001. WTI has plunged on this news hitting $42.08 on the April contract.\u00a0 DOE stocks for crude oil are already at 80-year highs.<\/p>\n

Economic data released in China did not do crude oil prices any favors.\u00a0 China new home prices sank 3.6% in February year over year in Beijing, compared to a 3.2% drop in January year over year, while Shanghai new home prices fell 4.7% in February, compared to -4.2% in January year over year. Overall China new home prices fell 5.7% in February year over year compared to -5.1%in January, though for some reason the Chinese stats bureau sounds just a little too optimistic that sales will show a significant rebound in March after a very weak start to the year.<\/p>\n

Crude oil prices are poised to test the 2009 lows near $33.55.\u00a0 Momentum is negative as the MACD (moving average convergence divergence) index recently generated a sell signal.\u00a0 This occurs as the spread (the 12-day moving average minus the 26-day moving average) crosses below the 9-day moving average of the spread.\u00a0 The index moved from positive to negative territory confirming the sell signal.\u00a0 The only caveat to further downside is that the RSI (relative strength index) is printing a reading of 30, which is the oversold trigger level and could foreshadow a correction.<\/p>\n

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\"Forex-Time-Logo\"Article by ForexTime<\/a><\/span><\/strong><\/p>

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Article by ForexTime Crude oil prices tumbled to $42 per barrel for what appears to be the 10th week in a row that the American Petroleum Institute reported a huge build in crude oil inventories.\u00a0 On Tuesday evening the API reported a massive 10.5 million barrels build in stocks, far bigger than the 3.1 million […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-69723","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/69723","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=69723"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/69723\/revisions"}],"predecessor-version":[{"id":69727,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/69723\/revisions\/69727"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=69723"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=69723"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=69723"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}