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WTI Crude Tumbles To $40 Handle, Fastest Plunge Since December 2014
Having fallen for 7 of the last 8 days, WTI Crude just traded with a $40 handle for the first time since August 27th. Oil is now down over 14% in the last 8 days, the fastest collapse since December 2014...
This is the fastest 8 day drop since Dec 2014...
As we explained previously, here's why...
Charts: Bloomberg
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Still see some green shoots even though a fire burned off the economic lawn quite a while ago.
We have a room full of shitheads at work that do nothing but oil projections. They say expet $35.
Those analysts probably just sit around and watch porn all day and read zh every so often to get an update.
If you're an average commuter, cheap oil is pretty slick. (groan)
Not here in Rainbowland where there is a $3 tax per gallon of gas sold to fund solar panels & windmills. Nothing says "social economy" like nailing the poor schmucks who have to drive for a living while handing out the proceeds to multi-billionaire friends of politicians all the while disguising it as "environmental protectionism."
Suck for you CA faggots. You guy seem to like taking things up the ass.
Sucks for you CA faggots. You guys seem to like taking things up the ass.
I think he is from Germany
"I just want to say one word to you, Benjamin. Just one word. Are you listening?.... Japan."
'The Graduate'
3 words: Big in Japan
those same shitheads were probably telling everyone to buy at $100
What were they saying when oil was $100? Let me guess..., oil is going to $125.
Tell them if oil closes below $35 at the end of the year we will see $25 next year.
You don't need a room full of shitheads to know that countless overleveraged pure-play unconventional zombie companies are going to keep right on drilling because they will die faster if they don't. There, that sentence should land me mid six-figures in Manhatten, and I am just one shithead.
do you see what happens larry?
do you see what happens when you let bankers set the price of everything?
It's dead, Jim.
"since Lehman"...
No no he's not dead, he's, he's restin'! Remarkable bird, the Norwegian Blue, idn'it, ay? Beautiful plumage!
Dammit Bones! You're a healer, heal it!
Once again. Let me be clear. "Official" prices on many things are going to be low. Actually taking delivery will be another issue altogether...
Forward Soviet!!!
Yes - There will be LESS.
I think LoP is inferring broken supply chains.
The actual price is even lower. North Dakota crude spot price is $33 today
Now that's what I call price stabiliteeee...., good job fed.
Your Iraqi and Gavelston tanker posts made for interesting reading. UWTI going medieval.
UWTI is a lousy investment product (imo):
http://www.investopedia.com/articles/investing/121714/look-uwti-leverage...
excerpt:
"If you’re going to initiate any position in UWTI, then it should be in and out on a dead cat bounce. But this is nearly impossible to time and extremely risky. There are much better trading and investing opportunities available at this time. Please do your own research prior to making any investment/trading decisions."
UWTI does not deserve to be named in the same paragraph, let alone sentence, as "investment". UWTI is a roll of the dice and you wake up the next morning to see how it went. Same same NUGT.
DUG
this should help (the shorts)
RUSSIA REITERATES IT HAS NO PLANS TO CUT OUTPUT
HOW COULD RUSSIA CUT OUTPUT? THEY'D BE DEAD IN THE WATER WITHIN 36HRS...
$20/barrel coming next year
Eat a barrel of crashing crude, Janet!
It mystifies me that a discussion of above ground events seems absent from this site related to oil shock.
One word
Abqaiq
Doesn't really matter - the peaking of oil is currently being defined by economic collapse. Oil shock was to occur in the end.
What we participate in is the grand two step.
There always must be a boogy man - can't go to war with something as esoteric as resource depletion.
$30 oil collapses the system slowly
$300 oil collapses the system overnight
We march to the cadence of the war drum.
One word: glut
Only cheap credit & speculation lifted crude oil to dizzying heights, not demand nor resource depletion. And, its the only thing left to keep it from <$10/bbl. Get a new religion.
Can someone explain this to me? Record high storage number and warmer than normal expected winter (which translates to less overall withdrawls) https://finviz.com/futures_charts.ashx?t=NG&p=m5
Meanwhile, Goldman is giving us the Gold finger, on behalf of their BNF: China.
I remember "the crisis" in 1974. Same as it ever was.
Vlad gave the oil will be $80 by Christmas crowd who bought forward contracts on oil about a year ago a chance to exit those positions with minor losses.
The fools that didn't take it are now going to be wiped out by $25 oil as market finds its bottum just in time for Christmas.