CNBC Guest Blog
- Farrell: What's Different On This Black Friday
- Crescenzi: Claims Level Suggests End to Job Losses
- Schork Oil Outlook: Gas Bulls Pinning Hopes on Mother Nature
- Busch: The Debt-Interest Rate Paradox
- Busch: Markets Smell a Country Rat
- Schork Oil Outlook: Mission Impossible For The Bears?
- Losey: Asset Allocation At Retirement
- Farrell: Obama Hectored, Ignored and Restricted?
- Don't Dwell on Investment Mistakes; Move on, Like Buffett
- Hirschhorn: Greed...or Fear
- U.S. Stocks Fall on Dubai Worries
- Black Friday at Best Buy
- Strategists on Dubai: Avoid 'Rash Moves' Now
- Longer Lines, Fuller Carts This Black Friday
- Dubai Stock Market Fear Has 'Legs': Dennis Gartman
- Obama's Emission Reduction Pledge Paints Future for Autos
- Is Super Bowl Halftime Act Too Old?
- Surprising Options Trades in TiVo Shares
- EA Sports Hopes to Pump Up Sales Through Pop-Up Locations
- Dubai's Debt Woes Signal New Era for Creditors
- US Treasury Wants Banks to Do More to Ease Mortgages
- Fed Audit Would Hurt Economic Prospects: Bernanke
- Next Week: Cash In Now Or Wait For A Santa Rally?
- Dubai Stock Selloff May Bring Buying Opportunity
- Black Friday Sales Rise by 0.5%: ShopperTrak
- Longer Lines, Fuller Carts This Black Friday
- Big US Banks May Be Forced to Raise Capital: Bove
- Bank of America Amends Pay for Senior Executives
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Stephen Schork
Editor of
"The Schork Report"
Last Wednesday Uncle Sam reported that commercial stocks rose by 0.8%. Bottom line, stocks are on pace to end the third quarter at the highest level since 1991… and at the 18th highest level since… 1920… since the era of the break-up of Standard Oil! For this morning’s report the crowd is looking for a 2.0 MMbbl build. Last night the API reported 0.25 MMbbl draw.
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Per a story on Reuters… Sunoco [SUN
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] will indefinitely idle its 145 Mbbl/d Eagle Point refinery near Philadelphia, to reduce losses in its refining business.
“Sunoco will shift current Eagle Point production to its two nearby refineries in Marcus Hook and Philadelphia, Pennsylvania, which will now operate at higher capacity utilization…”
Roughly 400 workers will be furloughed as a result.
It’s a good thing Wall Street keeps telling us that demand for oil is so strong; otherwise, we presume Sunoco would really be in trouble.
The Schork Report Trading Strategy:
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Post DOE bids through yesterday’s 71.97 high print alert to follow through momentum towards our 72.75 inflection-point.
We will look for further strength above here towards our 74.63 intra-day.
On the other hand, offers through the 62% retrace at 69.98 clear a path towards our 69.01 inflection-point. Below here we will look for offers towards our 67.13 intraday.
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Stephen Schork is the Editor of, "The Schork Report" and has more than 17 years experience in physical commodity and derivatives trading, risk systems modeling and structured commodity finance.
Data is a real-time snapshot *Data is delayed at least 15 minutes