. >> for more on today's biled moves in the oil patch, let's go to jackie deangeles at the nymex. jackie, you are at the center of the story seemingly every day. >> good afternoon, scott. the volatility continues. this was an ugly number reported by the department of energy today. we had a surprise build in crude oil inventories, and then we had that massive build in gasoline inventories as well. barrels are barrels, whether it's crude or gasoline, and they're piling up. the problem here is one of over supply. the refiners are taking this cheaper oil. the refiners are refine it into product. there's no demand out there, and that took the wind out of the sails of this crude oil rally this morning. seven straight days of losses so far. equity markets aplay here as well. crude has wanted to run out of the gate here. especially after touching that intraday low yesterday of $29.93. the reality of the headlines, they diverge. the market divest jest this is news,and they go lower. >> who knows? jackie, thank you. >> jackie deangeles. some of the hardest hit energy names are continuing the

i'm jackie deangeles. the department of energy out with its weekly inventory report on crude oil. we got a build to four billion barrels. a build nonetheless, which typically should be bearish. prices slightly lower. 28.31 is where the wti is fairing. gasoline also really important here. a 4.6 million barrel build. the last two weeks we've seen 18 million barrels of gasoline building up here, so what's happening? more is being added that. obviously storage is an issue when it comes to crude oil, and the fundamentals are going to be in focus today. nonetheless, we may not go much lower from here. traders are telling me this is a market right now that's been so volatile. it's possible that we could move a little higher today. even potentially stabilize a little bit. especially as the equity market is moving up as well. now, the one thing that i want to dig into in this report is the production number to see what happened weekly with u.s. production. we're trending over 9.2 million barrels a day. we've seen the number go up the last five weeks. if it continues to go up, guys, it stil

jackie deangeles at the nymex with more on that. hi, jackie. loo good afternoon, scott.hat a difference a day makes if you look at the highs that crude oil set on monday morning. we're off of that 6%. anthony, seeing a supply glut here outweigh the political tensions, right? >> that's in trader's minds all over the world. right now is it supply driving us down or will swreeo political take us higher? you know, jackie, with what's going on in the middle east, i think that you got to be on the geopolitical side. we don't know what could happen geopolitical-wise. i want to be long. >> some people are suggesting that we could retest those lows about $34.50. i think the story is all about supply. we learned last week cushing restored. we only have ten million barrels of storage left, and we know what happens in the commodity that you have to store. it all hits the market at the same time, and if that happens, we will see absolutely. we will absolutely see new loans. >> we'll dig into the crude oil story. we're also talking stops with jonathan. you don't want to miss it. futur

jackie deangeles has more. >> after yesterday's session a near 6% pop today in wti.lso, seven straight weeks of production we are pricing in the scenario where there are barges circling the world with no place to put their oil. it's hard for us to imagine pricing in more of a bearish supply story. anything that comes in conflict with that is part of the bottoming proosz. however, i'm not getting in until it sellingses above $32 a bare are. to me it seems like this is one factor of it, but not enough for me to call a bottom. >> your thought on the levels here. do you think we can close over 30 today? >> i think we can, jackie. jimmy highlights a wonderful and technical level here at 32. look at the year-to-date chart. we have seen a pummelling. it's been a whipsaw to the down side. now we're seeing it pop back. if you look at january 4th, we were trading near $40. i look at $32 and leadership. we get above $32. $36 should come quickly. it's emotional volatile trade should persist as we see uncertainty globally about central bankers now possibly stepping in. more on th

jackie deangeles is live at the nymex with more. jackie. >> good morning to you, john. we saw a brief flip this morning on that china gdp number. most oil traders don't believe those numbers. that's because on the supply-demand side, the fundamental side, you still have data points that are negative for when it comes to crude prices. the first would be the iea saying that over supply will last throughout this year, and also saying that 2016 global demand forecast, it's going to be flat. if we want to see oil prices rise, we need a demand forecast that's going to increase. meantime, you have the imf out this morning saying it's cutting its global growth forecast, so that's not positive for 2016. those china numbers discounted and then the iran headlines coming out as well. it looks like iran and savvy are starting with a price war here. at least when it comes to europe that's flowing to some some parts of europe. next stop for crude oil. one of my contrarian traders earlier on the show said we could see 27 pretty quickly. doesn't mean we get there in a straight line. we

jackie deangeles at the nymex has more. >> do you think we get there and hold? the march contract we're at 30. what is interesting to me is that below 30, the s&p wants to be unchanged. again, this is in the march contract, which is really the most active delivery contract for crude oil right now. the stock market is taking its cue from crude oil, and i think the s&p will get back to unchanged if we spend any time today back below $30 in the march contract. >> all right. only because i love you, i'm going to give you the impossible question here. where is the bottom? >> great. thanks, jackie. i appreciate that one. i see a lot of pressure on this. let's talk about it overall. it's not just a supply situation that you and scott talked about, but it's also demand situation right now. when you look at the gdp numbers for the fourth quarter in the u.s. and what's coming out of china. you know, i put out $25 as the bottom. we could see $22. >> we're going to talk more oil on the on-line show. we also have two biggests today. mike witner and why we could be looking at

jackie deangeles is live at the nymex with yesterday another day of sliding. >> that's right.lly gunning for that $30 mark. $30.10 is the intraday low right now. this has been the theme for the last few days. we started with a technical bounce this morning. a lot of traders told me they wouldn't be surprised if we had an updade. especially as things looked like they were calming in asia a little bit in the equity market here was settling down as well. the equity traders will tell you crude turned the equity market. crude traders will tell you that the equity sell-off turned the crude market. here's what's happening in crude specifically. whichever way you want to look at it. we have really bold calls out there on the street right now. standard charter coming out this morning looking for $10 crude. very bearish there. we haven't seen that since 1998. part of what they're saying is that there's no eveniquilibrium. currency is one of them, and other assets as well. morgan stanley yesterday calling for the 20s and goldman sachs saying it wasn't the base case, but six months ago sa

jackie deangeles for us. let's bring in mohammed on the telephone. economic add aviesor on allianz. what are you witnessing on wall street and elsewhere? >>. >> i think it's the next stage of a broadening dislocation. it started with changes in the fundamentals. particularly concerns about global growth. as we discuss changes in both liquidity and the volatility regime. theb we got to the unhinged market. oil being the biggest. higher corporates being another one. now this is constitutional scale contablingon. you are seeing some cascading technical discloekz, which results in massive prits overshoots, and the big concern, scott, is whether bad technicals contaminate the fundamentals even more and then we get into the business cycle. i think the keyword that you just heard is that markets are starting to feed off each other, and they're not able to find any firm footing. >> i think we're in part trying to look at these markets, mohammed, and we are trying to separate what's happening now to prior moments of history, including 2008. you use words like

jackie deangeles at the nymex. >> thank you, scott.a matter of fact, we were closely approaching 30. we just hit a new session low of $30.08. this crude crush continuing. jim obviously part of the story is supply and demand. the other part people are getting increasingly word about is dollar stream with specific respect to the chinese yuan. what's driving crude right now more? >> i think until the dollar makes a very sharp move, and it's been caught in a relative range for several months now since we digested the big news out of europe. i think supply is the bigger part of the story right now. we always kind of pretend that demand is dwindle, but i don't see it from any sort of huge way. i think supply is the story. storage costs are more the story. i think once we're in sniffing distance of that 30 level, i think it's going to give. >> you and i talk about this all the time. new lows, fresh lows, lower lows. are we going to cross 30 soon? >> no doubt about that. we are so close to it right now that i've been down here 31 years trading