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Crude Crashes To $56 Handle - 10-Week Lows
Following today's record production and renewed inventory build, it appears the $57 to $62 range of the last 3 months is about to be tested ... especially as Kerry et al. assure the world an Iran deal is "very very close" and they are working "very very hard." WTI (Aug) is now trading with a $56 handle - its weakest since mid-April...
Charts: Bloomberg
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good times, good times
Well no shit cause 4th of July weekend is come and gone for gas stations loading up their tanks
Bet we see regular get close to $2.00/gal by Labor Day where it belongs.
Bonus WTI chart:
http://www.marketwatch.com/investing/Future/WTI%20CRUDE/charts?CountryCo...
It's a double bottom. Go Long Dec. Crude Oil Futures and plan to hold for a few months.
Is oil at $80 yet? Has oil production collapsed yet? LOL
The retail suckers that piled into oil ETFs, futures, and oil company stocks are getting clobbered. The only thing that $60 oil did was increase supply and reduce demand. See ya back in the 40's on the way back to the 30's
America being the "Daughter of Babylon"
https://www.youtube.com/watch?v=HhSqcJG3ITY
The world economy is staggering and everybody is pumping like hell. September/October is when the sheep discover they've had a 2x4 shoved up their ass......
or hand. Agree about the timeframe.
Not Europe...
Oil's grim death march began the first week of July last year...
Fourth of July has always been right around the time of Peak gasoline prices. No one seems to want to cut production, and any kind of Iran deal could send oil down $10 overnight.
The dead cat bounce from April-May gave the oil permabulls a glimmer of hope. Rising tanker rates plus the crashing Chinese economy were ignored at their own peril. People don't have money or credit to pay for $100 oil anymore. Oil is in a bear market until QE4 starts
Yep. QE ended in Oct., right as the cascade began.
I love the fact that CL is moving lower, but the $usd is pretty overbought on the hourly chart and Asia has a general propensity to be contrarian. Plus the markets are just squeezing the longs in front of the employment numbers tomorrow morning.
I would say the euro is overbought due to the SNB and Fed propping it up. Greece is gone. Next comes Italy, Spain, and Portugal. The euro is toast. It's just a matter of time.
I went long today; December contracts. what everyone expects is never what happens. also the futures basis has been very interesting for many months; Dec. doesn't participate fully in the down swings in price; someone knows something; and I'm on their side; or at their side.
Still waiting for $20 oil by summer...
Is Cushing full yet?
LMAO!!!!!!!!!!
+1
There he is!!!!!!!!!
That was delayed until next fall/winter as the banks had to prop oil up to draw in the suckers to sell to.
Enjoy losing money on oil futures and companies for the next year or two
I suspect the one-way conversation went something like this:
Ok boys, we're giving you till June 30 to hedge as much of your production above $60 as possible because we can't keep crude up forever but we don't want you to go out of business just yet.
I suspect many of the oil companies were too stupid to hedge at $60 as they believe oil will be back to $80 or $100 by fall while Europe and China implode. It's something about how everyone uses oil, everyone has to buy health insurance, everyone has to have a house, everyone has to eat, that people believe that prices can increase infinitely and incomes don't matter. So the average house will cost $400,000, health insurance will be $15,000/yr, gas will be $5/gal, and groceries will cost $2,000/mo, utilities at $1,000/mo, while the average annual income will stay at $47,000. Somehow it will all work out at the end of the rainbow.
The US government will purchase and then dump oil and all of the refined products into the ocean 24x7 before allowing the price to accurately reflect the massive drop in productivity. According to this trend no one is making or doing anything .... besides manipulating markets and then using the NSA to monitor all forms of communication to ensure that no one is attempting to subvert their all encompassing minute by minute manipulation.
A long way down still for crude.
http://www.globaldeflationnews.com/oil-light-sweet-crudeelliott-wave-upd...