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"Not" Stabilized - Crude Crashes 7% Intraday: WTI $54 Handle, Brent Below $60
Crude is over 7% off its intraday highs.. But "Ignore it" - Yellen said it's great news (and transitory)... The last time Crude was here, the S&P 500 was 65 points lower... [WTI closed at its lows $54.05 in Jan '15 futures]
January 2015 WTI Futures $54.35...
entirely decoupled from stocks...
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"Ignore it - Yellen said it's great news...."
Consider it done.
Time to open the champagne....
Transitory,
but what isn't?
Transitory like diarrhea
Hope the market eats a giant meal then.
wait a minute ... does that means the Saudi minister naumi or whatever doesnt count? i thought he said smt this morning ..
No way to send champage across the internet, but I do believe it's about time for a little 'Celebration'.
So, ladies and gentlmen of ZH, just for you..... Kool & The Gang!
https://www.youtube.com/watch?v=AeTgx_pj6m8
Jesus, NoDebt, you really are an old geezer, aren't you? Betcha you're about my age. Let me guess: 1964?
Can't wait until it hits $35
You may not have to.
FED is also buying some CALLS... just in case the algos don't get it.
It's transitory. ..... just be patient. ....
We transitoried some folks. For anyone that wants it here is a link to an image of Obama smoking a joint that you can post on Market Watch if you wish. http://imgur.com/qighUoL
President Choom.
How's Venezuela doing these days?
"Everything is awesome!"TM
Unless you want to wipe after you go. Then, not so cool.
.
i have zero issues with it going to $10 if indeed it were to happen again (i doubt the possibility though). how freaking awesome would that be? i once bought gas for 94 cents USD per gallon when i first began driving in my teenage years
It wasn't that long ago that gas was under $1. I think where I lived it was that ~1997.
My first memory of gasoline prices was in the '73 oil shock (I was a mere lad then). My Dad absolutely pitched a fit that gas had gone UP to 76 cents.
Most of my life gasoline had either a zero or one in front of the cents. Remember when it first crested the $2.00 mark in most parts of the country? (Hint: Katrina. The oils companies all woke up to the fact they could sell us that stuff no matter how high the price was. Believe me, they learned from that.)
i can remember working at a Sunoco gas station back in the 70's and climbing a ladder to change the plastic placards on the sign out front from .62 cents to .65 cents, this was after the second gas "crisis".
You Americans sure are spoiled brats, you know that? Before this whole oil implosion thingy we used to pay about 1,5 euro per litre diesel oil over here. Not so long ago filling up my old Citroën (80 litres for a full gas tank, which enabled me to cover about 1.000 kilometres) costed me close to 120 euro.
Imposing that kind of prices in the US would cause a second American revolution almost instantaneously.
I once filled up my entire tank for under a dollar.The Shah was still on the peacock
throne in that country.
Your point was....
That must have been a small, half full tank on a queer moped.
I have been aware of gas prices since the early sixties and it was never that low.
I think you missed the "country." Iran.
Still 8 cents a gallon in Venezuela.
17 cents a gallon and a pack of cigs was about 30 cents when I first started driving.
In 1964 one silver Quarter bought you one gallon of gas. Today that silver quarter is worth 2.82, still will get you a gallon and maybe a few drops more.
But the next years quarter 1965, is worth about, well 25 cents and today it won't get you a gallon of gas but it will buy,......... a piece of bubble gum, what was then called penny candy.
What I wannna know Is, who is the bastiges that stole my other 24 cents and left me with a fucking penny. LOL, lol, lol I aint laughing anymore
Lowest I paid for gas was 9.9 cents/gal. I paid 9.5 cents for a pack of Pall Mall (there was only one size, and it was not filtered) (actually 95 cents for a carton at the PX). Pre-Vietnam, cold war days.
There were also "gas wars" going on back then.
I think gas won.
Craig
price stabeeeleeeteee mandate
Seriously, manic swings of nearly 10% in the most important global commodity, whose traded value (depending on the day) is somewhere around 5% of GDP.
Note how most of these swings are taking place during US financial market hours. Who really believes this is all about supply and demand of a fairly inelastic commodity?
Incredible to see gasoline consumption still declining in California. 70 cents a gallon gas tax...and for some reason people consume less....
SHOCKING!
Good story on how Enron manipulated utility rates even though California produces twice as much electricity in State thanit consumes. Really stupid policy folks out there.
Any who no wonder Tesla is doing so well.
"Goal Zero" proceeds apace....
so i am a big european bank...i have to buy some AAA assets to nudge my capital risk ratios higher...i have a choice...i can buy a german 10 year bond that pays 0.6% coupon or i can buy a US 10 year bond that pays 2.21%
total coupons paid by german bond in 10 years: $6 euros
total coupons paid by US bond in 10 years: $22.1 dollars
+ currency risk
hmmmm, what a difficult decision....
fwiw, i think german yields so low is a bet on euro breakup
if break up occurs german debt paid off in skyrocketing mark
one more reason to buy the US bond instead.
Can you hear the sound of Pink Slips being printed in North Dakota? Can you hear the cries of Farmers who have undrilled leases waithing for the rigs to arrive? Men and women making on average 90K a year will see theri jobs go up in smoke at this price. Land Owners who were looking at Florida Condos and such, are now suicidal as they stare at vacant fields under lease which will never see the drill, and never return the American dream of fortune without work!
energy capex kaput (for now)
Keystone Pipeline ... we hardly knew you ....
Hey, ya want to fuck around and lay some sanctions down? Don't be surprised it it all comes back to bite ya in the ass.
http://www.veteranstoday.com/2014/12/18/uks-oil-industry-close-to-collap...
Good think John Kerry made that deal with the Saudi's, hugh?
when those negative ions and positive ions clap together, theyz gonna be a big ol crash
Did you go long bonds of the Frackers? Seeking that return that only Junk Paper can give you. Fracking was the miracle, investiong in it was patriotism of the highest order. You can't miss this chance to grab yield in times of zero interest rates, and serve your country at the same time. The song all the brokers were singing to clients who were desperate for yield. Hundreds of billions of worthless paper about to burn some very important investors to the ground. And the counter parties, the hedges. Will they make good your prefectly hedged investment porfolio in Junk bonds of the oil industry. AT this price, the Investment Grade Paper is looking dodgey. OIL borrowed half a trillion dollars in the last few years to drill baby drill. If oil producers are in trouble, it is just as big a trobule for US producers, remember WE are the NEW Saudi Arabia of Oil and Gas! How many MSNBC talking heads have spewed that line over the last few years?
I wonder how many death threats Hannity will get ?
He got hundreds to up and move to the new Saudi.
He called the top.
Damn WC, I was just thinking the same thing.
Meh...for listening to Hannity, you deserve what you get. That fuck was a SS officer in a past life
All that matters is ZH called the bottom in stocks today.
Remember in the old days, when a falling oil price meant credit issues, defaults, and the collapse of the shale oil industry? I'm so glad those days are behind us.