It is the 17th of January 2019

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WTI Lifts Towards $48 After Biggest Crude Inventory Draw Since September

WTI slipped back to almost a $46 handle today before bouncing modestly into the close ahead of tonight's API report, with all bullish eyes hoping last week's surprise gasoline build was a 'blip'. API reported a much larger than expected crude draw (biggest since Sept 2016) and while WTI rallied on the print, it was a very modest move (that for now failed to achieve $48) as we suspect the fact that gasoline saw another surprise build weighed on sentiment.

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Dow Gains 600 Points In 9 Days; S&P, Bonds, Gold & Dollar Unchanged

Despite the payrolls beat, "hard" data in the US economy closed the week lower for the 5th week of the last 6 to the lowest since May 2015... as The Dow surges for the 9th day in a row to the 8th record close in a row...

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S&P Slumps To Slowest Market In 90 Year History As Dow Hits 7th Straight Record Close

While hard data has been hovering at 2-year lows, soft data has been rebounding recently... until today - The ISM Services index saw its steepest m/m decline this month since the financial crisis.

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