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The result of a failed breakout. Gold did well today. Fundamentally oil is short term bearish, long term bullish imo.
Good God in heaven, please save us.
Oil unprofitable to be extracted below $80 is going to be locked in the ground in a self-reinforcing cycle of finance and energy deflation.
Game over.
Love seeing those fastmoney jackasses get on tv and call crude a buy at 82 on Tuesday after FOMC. Great call Seymour / Terranova. What a bunch of fools my god.
Apparently Morgan Stanley owns more oil on tankers than Chevron. I think that says something about the socalled oil "market"