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WTI Crude Crashes 8% - Biggest Plunge Since Nov 2014's OPEC Meeting

Tyler Durden's picture




 

Surprise!!! Month-end window-dressing manipulation massacred...

 

 

This is the biggest single-day drop since Nov 28 2014 - When OPEC stunned the world.

 

Charts: Bloomberg

 

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Tue, 09/01/2015 - 11:48 | 6495367 Government need...
Government needs you to pay taxes's picture

These rigged casino markets are so blatently obvious that it will hasten the end of confidence in paper assets.

Tue, 09/01/2015 - 11:49 | 6495377 junction
junction's picture

What confidence?  By the way, where is Janet Yellen, in her bolthole?

Tue, 09/01/2015 - 11:57 | 6495419 Haus-Targaryen
Haus-Targaryen's picture

I would love to see $35 oil.  That sure would be swell.  

Tue, 09/01/2015 - 12:06 | 6495479 TSA Thug
TSA Thug's picture

Me too. More passengers for me to analyze. Delicious!

Tue, 09/01/2015 - 12:36 | 6495670 r101958
r101958's picture

"Month-end window-dressing manipulation massacred..." this and Erika fizzled.

Tue, 09/01/2015 - 12:38 | 6495685 nosam
nosam's picture

Anal yze? Thats what you kids call it these days?

Tue, 09/01/2015 - 11:59 | 6495435 SheepDog-One
SheepDog-One's picture

I picture Janet rattling chicken bones in a cup then throwing them out on a pentagram painted on the floor.

Tue, 09/01/2015 - 12:33 | 6495648 froze25
froze25's picture

Could it be a star of david just to further push the Jewish thing?  If not I am ok with it as is.

Tue, 09/01/2015 - 15:57 | 6496720 MSimon
MSimon's picture

The five sided Pentagram is Mars. God of War. The six sided star is the Sun. Energy.

 

Mars is more appropriate for the US. At this time.

Tue, 09/01/2015 - 11:52 | 6495390 KnuckleDragger-X
KnuckleDragger-X's picture

I think we've passed beyond rigged now and are in uncharted territory and our Winter of discontent is coming.....

Tue, 09/01/2015 - 11:56 | 6495415 SilverRhino
SilverRhino's picture

Sure it dropped 8% but it rose 10+ % the night before.  Not really a smash if it does that, just volatile.

Tue, 09/01/2015 - 12:21 | 6495526 tc06rtw
tc06rtw's picture

 
 
 Rhino’s right:  These little fluctuations
     mean nothing…  Oil is just a Barbarous Relic.

Tue, 09/01/2015 - 12:30 | 6495623 KnuckleDragger-X
KnuckleDragger-X's picture

Barbarous relic...Say it with PRIDE.....

Tue, 09/01/2015 - 12:59 | 6495774 Lets_Eat_Ben
Lets_Eat_Ben's picture

"Sure it dropped 8% but it rose 10+ % the night before.  Not really a smash if it does that, just volatile."

 

ding ding ding!  BTFD you scared bitchezzzz!

Tue, 09/01/2015 - 12:21 | 6495571 TheReplacement
TheReplacement's picture

Sadly, 99% of the people don't know just WTF you mean by "paper assets".  Yeah more and more are seeing the game is rigged but they just don't get it.  They think Trump or Bernie will be the right leader.  They aren't talking about the broken system.

Tue, 09/01/2015 - 12:25 | 6495597 VATICANT
VATICANT's picture

Who says Barry's leaving??

Tue, 09/01/2015 - 13:35 | 6495983 847328_3527
847328_3527's picture

" Forward, Comrade! "

Tue, 09/01/2015 - 11:48 | 6495368 junction
junction's picture

As previously said, "Time to party like its 1929!"

Tue, 09/01/2015 - 11:52 | 6495374 ThroxxOfVron
ThroxxOfVron's picture

Obviously such volitility has little to do with actual demand/consumption dynamics.

War premium would also be pretty much one sided.

How much of this whipsawing violence is smashing of options contracts by large Leveraged Players/TBTF, Sovereign Wealth Funds and Central Banks/CB Proxies?

 

Tue, 09/01/2015 - 11:54 | 6495401 NoDebt
NoDebt's picture

Probably a lot.  I can't wait to see the numbers for the Fed's reverse-repo (bank balance sheet windown dressing) facility the last 2 days of the quarter.  It'll be through the roof, would be my guess.

Tue, 09/01/2015 - 12:00 | 6495441 Bay of Pigs
Bay of Pigs's picture

ZH doesn't seem to follow that topic anymore.

Seems rather important doesn't it?

Tue, 09/01/2015 - 12:31 | 6495628 ThroxxOfVron
ThroxxOfVron's picture

"I can't wait to see the numbers for the Fed's reverse-repo (bank balance sheet windown dressing) facility the last 2 days of the quarter.  It'll be through the roof, would be my guess. "

 

Roger that.  Any change in the reported reverse repo trend would be highly suspect.

With the broad indices down ytd I'd expect the window to book another record.

 

Fails To Deliver should also be telling...

 

 

 

Tue, 09/01/2015 - 11:59 | 6495424 Edward Morbius
Edward Morbius's picture

I believe the end of QE meant the fall of oil prices, as QE money was being thrown at not just stocks and bonds but oil futures. Oil was $30 per barrel when Barry was inaugurated. A few months later it began it's rise to over 100 as Ben began his QE madness. QE ended last October and oil began it's fall back to normal levels. Supply and demand had nothing to do with it.

Tue, 09/01/2015 - 13:39 | 6495996 847328_3527
847328_3527's picture

I wouldn't be surprised if it fell to $20 as Shiller says. It may be a tad overcorrection but when momemtum builds one way or the other, it's difficult to slow down.

 

The same thing will happen when house prices correct. It will be brutal downward for those who overpaid for their boxes. My former house shot up over 400% and has come down a but since then now over 300% what I paid. Definitely not worth it.  I'm guessing a 50-60% correction in that market is what I'll see. When something slows down overseas buyers is when the housing crisis will be triggered again imo.

Tue, 09/01/2015 - 13:54 | 6496066 847328_3527
847328_3527's picture
Proof home ownership costs more than renting

 

http://www.businessinsider.com/owning-a-home-costs-more-than-renting-2015-8

Tue, 09/01/2015 - 14:21 | 6496194 robertocarlos
robertocarlos's picture

In the first 7 months of this year 570 houses in Vancouver have been sold for $3million or more.

Tue, 09/01/2015 - 11:49 | 6495376 Glass Seagull
Glass Seagull's picture

 

 

Andy Hall given another quarter to fuck his entire book up...AGAIN.

Tue, 09/01/2015 - 11:50 | 6495380 zeroaccountability
zeroaccountability's picture

Time to open up the Hurt Locker.

Tue, 09/01/2015 - 11:52 | 6495391 ymom11
ymom11's picture

Surprise mothafoka!

Tue, 09/01/2015 - 11:52 | 6495394 NoDebt
NoDebt's picture

These guys give window-dressers a bad name.

Tue, 09/01/2015 - 11:54 | 6495398 GRDguy
GRDguy's picture

Obscene Manipulation.

Tue, 09/01/2015 - 11:55 | 6495400 SheepDog-One
SheepDog-One's picture

As long as the doilies are pretty in the window, then the whole shop is peaches and cake....for fucks sakes everything is just a fake facade like the ending of Blazing Saddles.

Tue, 09/01/2015 - 11:57 | 6495418 franzpick
franzpick's picture

Barring war, crude will drill back down within days or soon to new depths below $38. See the broken 17 year monthly uptrend break that leads directly to $32 and later $20:

http://www.investing.com/commodities/crude-oil-advanced-chart

Tue, 09/01/2015 - 12:00 | 6495437 Caveman93
Caveman93's picture

No jobs...no gasoline....no problem!

Tue, 09/01/2015 - 12:01 | 6495449 Bernoulli
Bernoulli's picture

Hey hey hey!

CNBC says it is falling "on weak Chinese data", not because of some obscure conspiration theories of unwinding window dressing.

Tue, 09/01/2015 - 12:12 | 6495524 SheepDog-One
SheepDog-One's picture

It's not all 'due to Greek worries' anymore? Huh.

Tue, 09/01/2015 - 12:21 | 6495574 Bernoulli
Bernoulli's picture

Or on stimulus hopes not materializing?

Tue, 09/01/2015 - 12:03 | 6495462 Callz d Ballz
Callz d Ballz's picture

that's going to leave a mark...

Tue, 09/01/2015 - 12:03 | 6495465 bnbdnb
bnbdnb's picture

Its over bitches. Next step? Fascism to the extreme.

Tue, 09/01/2015 - 12:07 | 6495487 Tarzan
Tarzan's picture

Haha, you aint seen nothing yet

The fat lady is not singing yet, close but not yet, she'll be yellen soon though

Tue, 09/01/2015 - 12:03 | 6495466 Dr. Engali
Dr. Engali's picture

See, this is why we can't count food and energy when we calculate our inflation rates. They are just too volatile and we all know that oil moving down translates to huge savings at the pump. Our banker overlords are so wise. I thank God every day that they are around to trickle on us.     

Tue, 09/01/2015 - 12:03 | 6495469 Tarzan
Tarzan's picture

demand for oil was up yesterday, it's down today....

Nothing to see here

Tue, 09/01/2015 - 12:03 | 6495470 aliki
aliki's picture

REMAIN CALM

&

TRADE CONFUSED

Tue, 09/01/2015 - 12:06 | 6495480 mademesmile
mademesmile's picture

So supply and dempand is finally kicking in and this worries people why exactly?

Tue, 09/01/2015 - 12:57 | 6495770 El Vaquero
El Vaquero's picture

Because the "markets" have been so out of line with actual supply and demand due to manipulation that a reversion to supply and demand is going to be painful.  This is much, much bigger than just oil.

Tue, 09/01/2015 - 13:34 | 6495980 mademesmile
mademesmile's picture

I agree with the disconect. Reality tends to smack people around eventually regardless of which pill they swallow.

Tue, 09/01/2015 - 12:10 | 6495513 Downtoolong
Downtoolong's picture

Gas in my town just dropped to $1.98/gal.

I love the smell of deflation in the morning.

Kiss off Janet.

 

Tue, 09/01/2015 - 13:25 | 6495923 DavidAKZ
DavidAKZ's picture

$US 5/ US gal in Australia- what a rip off this country is

Tue, 09/01/2015 - 17:01 | 6497073 Mentaliusanything
Mentaliusanything's picture

Yeah but your taxes built into that $5/gallon are spent on great and wise Entitled Politicians who think daily of new and innovative ways to game the system to their advantage.

Dig more shit up and sell it so I can book a helicopter to get a pint of milk Bitches

Tue, 09/01/2015 - 12:15 | 6495536 roadhazard
roadhazard's picture

Saudi Arabia said they want to work it out so oil is $70/$80 a barrel. You know, because they need it not because it's scarce.

Tue, 09/01/2015 - 12:35 | 6495664 Tarzan
Tarzan's picture

That's the problem, they want the price of a barrel so low...

Drives the FED crazy, those naive towel heads

Tue, 09/01/2015 - 12:24 | 6495594 22winmag
22winmag's picture

Blood in the streets.

 

Bodies in the river.

 

Popcorn popping.

Tue, 09/01/2015 - 12:32 | 6495636 Atomizer
Atomizer's picture

I took a walk this morning. Check out the front page of USA today. I was in tears laughing at media propaganda. 

I paid $2.46/g last week in HHI. Charleston, SC was $1.94/g. It's presently under $2.00/g in Myrtle Beach. 

For being a upcoming labor day holiday, this place is presently a ghost town. Not even cheap gas is luring out travelers. A sign of our broken system. 

Tue, 09/01/2015 - 12:34 | 6495659 undertowed
undertowed's picture

I see a Mount McKinley sized shitstorm coming

Tue, 09/01/2015 - 12:37 | 6495675 Element
Element's picture

So ... not secular demand based then?

Tue, 09/01/2015 - 14:14 | 6496160 robertocarlos
robertocarlos's picture

Think of us poor Canucks! We are getting are hopes up and then they are dashed again and again.

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