I always have the oil inventory on my radar, and I dont trade about 15 minutes before it, and about 10 after it. But today something came out, at about 9:50 that moved it screwy a little bit. I just dont see what it was on the calendar
I do not see any significant move on my chart. If you talk about 9:50, is this 9:50 AM or 9:50 PM, are you talking Central Time or Eastern Standard Time? On what type of chart did you observe the move? A large move on a 1 min chart is not necessarily a large move on a 60 minute chart.
Best you post a chart and explain what you are talking about.
This post has been selected as an answer to the original posters question
I'd wanted to help here too, but I did not see any unusual price movements. The Thursday AM chart is below with EST times. If you're talking about the 7am-ish move up, I recall that being oil's correlated move with US equity markets ceasing their Globex/overnight down moves, and "prepping" for the NY open - happens fairly frequently after a London selloff - sometimes the low starts an upturn at 5am, sometimes 9am, but I do not believe there was any news on this Thursday.
Contrast that to a quick 15min move now at 2:30EST Friday, from ~83 to 84+, perhaps due to Iran Talk Failure, although the reaction was delayed. (I also believe they have the "sisterhood of algos" set to 'cruise' mode this Friday afternoon, but who knows how that whole thing works. ) U.N. nuclear watchdog, Iran fail to reach deal on probe | Reuters
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Last edited by Beljevina; June 8th, 2012 at 02:40 PM.
1. In OPEC meeting Saudis said they will keep the valves open as long as there are customers
2. Obama extended the June sanctions deadline on oil imports from Iran by 6 months for several countries
3. China reiterated thier position on illegal sanctions outside the UN and will continue Iran's deals
On a regular day, any of these can move the crude.