Tim Evans
Tim Evans
call hold lost market pull silver staging time week
It's staging what I would call a catch-up move. After resisting the upward pull of silver all week long, the market couldn't hold back any more and is making up for lost time here.
close fact holding market physical risk shortage
There is nothing close to a physical shortage going on here. Instead, what the market is holding here is a significant, and in fact growing, implied risk premium.
appetite far holding insatiable
There is so far an insatiable appetite for holding more inventory. We're still not recognizing it as a glut.
crude desire hold lack limit material oil reflects start stocks sure trend
I'm not sure this is the start of a new trend in crude oil stocks and it probably reflects more of a desire on the part of refiners to limit the material they hold than it does a lack of supply,
climbing crude demand downward high level price reminder revision stocks trouble
The OPEC demand revision is more of a reminder than anything else. Between the high level of crude stocks and the downward revisions to demand, the price should have trouble climbing like it has done this week.
attractive becomes both commodity emerging focus general gold less lows markets near oil since surrogate
Really, we've had some focus (on oil) since mid-February, when both markets made a significant low, and both markets had a near retest of those lows on Wednesday. Oil is emerging as the focus for the gold market as a surrogate for general commodity inflation. Without that kind of commodity inflation, then gold becomes a less attractive investment.
cash move profits rush
Really, it's just a rush to cash in profits on what was really a spectacular move higher.
data expect fit model neat ought report surprising
It is a surprising report in just about all respects. But I think it is something that we have to expect in times like these that the data doesn't always fit into a neat little model of what we think ought to be happening.
attempting clear crude market move oil
It is pretty clear they were attempting to move this oil into a crude oil market where there was already a surplus.
achieve balance bargain bit bottom drop hunting pick selling side trying
We're really just trying to achieve a little bit of a balance between follow-through selling after Tuesday's big drop and a little bit of bargain hunting on the other side of the ring, trying to pick a bottom here.
data morning quite trouble
It's having trouble getting out of its own way. Fundamentally, the CPI data from this morning was really quite mixed.
balance chopping looking market opportunity price relaxed storm updates
There still may be ample opportunity for price chopping off storm updates over the balance of the week, but the market is looking considerably more relaxed today.
despite drawn extent last limiting market might page positions prices profit pushing short storage taking warmer week
The natural-gas market is on a completely different page now, with profit taking on short positions pushing prices higher, despite what are still impressively bearish prospects. This week will be warmer than last week, limiting the extent to which storage might be drawn down.
crude decline drop further oil stocks surprised
I'm surprised by the drop in crude stocks and the further decline in crude oil imports,