This page has been archived and commenting is disabled.

Crude Is Crashing

Tyler Durden's picture




 

WTI Crude is pressing back near the lows hit before August's month-end meltup manipulation...

Following Saudi's rejection of the majority of OPEC's calls for supply cuts (among comments this morning) and tumbling demand, surging US production, and surprisngly large inventoiry builds... it is no surprise that prices are tumbling-er...

 

Back to August lows...

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Wed, 12/02/2015 - 12:56 | 6865982 KnuckleDragger-X
KnuckleDragger-X's picture

Not crashing...yet, but I have no doubt that it'll be happening soon.....

Wed, 12/02/2015 - 13:13 | 6866107 nope-1004
nope-1004's picture

Will be at $28 soon enough.

Wed, 12/02/2015 - 13:33 | 6866215 KnuckleDragger-X
KnuckleDragger-X's picture

Once we get far enough into the thirty's that the speculators start panicking the twenties will likely fly by on the way to the teens......

Wed, 12/02/2015 - 14:09 | 6866419 kralizec
kralizec's picture

Just a flesh wound...

Wed, 12/02/2015 - 12:56 | 6865987 ghostzapper
ghostzapper's picture

Finally - always wondered how many crude futs Khen could buy in one day!  Maybe we will find out soon enough.  

Wed, 12/02/2015 - 12:57 | 6865995 Caveman93
Caveman93's picture

$1.00 ozs of Silver soon. Fucking glorious!

Wed, 12/02/2015 - 13:10 | 6866089 semperfi
semperfi's picture

If it does, I'm cashing out my 401k and getting physical.

Wed, 12/02/2015 - 12:57 | 6866000 thecondor
thecondor's picture

Crash and burn. Come on already.

Wed, 12/02/2015 - 12:57 | 6866001 BandGap
BandGap's picture

Got gas at $1.57/gallon in southwest Michigan on Sunday. Wondering if it can go lower.

At least fuel oil will be cheap this winter.

Wed, 12/02/2015 - 13:43 | 6866271 Paveway IV
Paveway IV's picture

Around $.50 total in taxes and fees for every gallon in the U.S. regardless of price, so that's the theoretical floor. At $2.00/gal, retailers are only getting $1.50. Less than $1.50/gal at the pump means they're trying to squeeze a profit by selling gas that wholesaled for less than a buck a gallon. Gas stations are going to have to sell a whole lotta snacks to stay in business.

Wed, 12/02/2015 - 13:01 | 6866010 Francis Marx
Francis Marx's picture

I'm glad Tyler finally said it...manipulation! Yes..They have been pumping it up continuesly since Aug.

Wed, 12/02/2015 - 13:01 | 6866016 TheBoyPlunger
TheBoyPlunger's picture

I would like to thank Gartman for publicly covering his oil short at a loss when it was $43.  The perfect contrarian indicator.

 

http://www.zerohedge.com/news/2015-11-24/we-are-gone-now-dennis-gartman-...

Wed, 12/02/2015 - 13:04 | 6866047 Jack Burton
Jack Burton's picture

It's crashing on USA. Europe and Chinese weakness. While commodity producers like Canada and Brazil collapse!

But don't worry! National Public Radio Economic report this moring says. "US labor market has reached ideal position. Wages rising. Jobs available with rapid hiring in services to meet new consumer demand." NPR says that these rising wages and rising employment means consumers are ideally placed for rapid consumtion.

I shit you not! NRP ran this story at 9:00 central standard time today!

Wed, 12/02/2015 - 13:08 | 6866077 semperfi
semperfi's picture

what?  I believe them. C'mon really? Do you think NPR would lie? Dude, get real.  I'm so stoked I'm going out today and spending my soon-to-arrive wage increase on a new Escalade to put under the Christmas tree!  Fuck yeah !

Wed, 12/02/2015 - 13:25 | 6866168 franzpick
franzpick's picture

As kids we used to laugh at Moscow residents lining up to read totally bogus financial growth numbers posted behind Pravda glass windows, and here we are decades later, once more getting the same gov't bulls**t from behind glass screens.

Wed, 12/02/2015 - 14:00 | 6866357 CheapBastard
CheapBastard's picture

"No one saw this coming!"

Wed, 12/02/2015 - 13:09 | 6866080 Chupacabra-322
Chupacabra-322's picture

That's what you call cutting the Bullshit / PsyOp Script pretty thick.

Wed, 12/02/2015 - 13:12 | 6866098 semperfi
semperfi's picture

that's what you call one of the Fed two "tools"  -  the other "tool" is war

Wed, 12/02/2015 - 13:10 | 6866090 Francis Marx
Francis Marx's picture

Ya Jack, but all those NPR donaters will have a nice fuzzy feeling hearing that report..(sarc)

Wed, 12/02/2015 - 14:34 | 6866233 JuliaS
JuliaS's picture

Yes, I caught that. It seems to emerge from the never-ending steam of articles trying to convince the non-existent borrowers that the Fed is about to hike rates and now is the best time to borrow. Bots generating articles that only the bots tend to read.

Wed, 12/02/2015 - 13:10 | 6866087 margincall575
margincall575's picture

Putin Isnt playing nice in the Sandbox. What did you all expect ? All Assets are policy tools. Nothing else

Wed, 12/02/2015 - 13:11 | 6866095 margincall575
margincall575's picture

DWTI and RUSS have in the past been some reasonable playss if playing the maipulation you have a stomach for

Wed, 12/02/2015 - 13:25 | 6866166 cpnscarlet
cpnscarlet's picture

I can believe that oil's action is why PMs are getting trashed, not because people are  longer buying "crisis" insurance.

Wed, 12/02/2015 - 13:32 | 6866210 franzpick
franzpick's picture

This map suggests the next crash landing may be in the $20 vicinity:

http://finviz.com/futures_charts.ashx?t=CL&p=m1

Wed, 12/02/2015 - 14:21 | 6866488 Jack Burton
Jack Burton's picture

What does this mean for Frackers? They have run through their hedged positions, and now face their debt overhang with nothing but oil field revenues, minus production and transprt costs. Now if you ever kept books, you would know that Frackers are Fucked. They went into it using debt, and that was with $80+ oil as far as one could see forward, with the plan to to see $120 a barrel BEFORE the major junk bonds needed repaying. It didn't work. North Dakota was riding the top of a wave, that wave has crashed. It is not odd that major media says little to nothing about Oil Patch life now!

Wed, 12/02/2015 - 15:31 | 6866859 HowdyDoody
HowdyDoody's picture

Won't somebody please think of the North Dakota hookers?

Wed, 12/02/2015 - 16:00 | 6867070 coast
coast's picture

So, I LEGALLY grew about 8 pounds of really good green buds. Grand daddy purple variety...but because it is legal, everybody and their brother (and their mother lol), are growing it too, so supply has brought the price way down. So, I started thinking about silver. The only reason it would go down in a real world, would be because supply is outweighing demand.  Do you think supply is outweighing demand?  I think not, and for all of those using charts and history to guess the price of future silver can kiss my ass...The price of silver will be whatever they want it to be.  Oh, by the way, I came across this article headline, "Avon stocks explode higher because of a rumor that oprah winfrey is buying it"....elle friggin o welll.  This is what stocks have come to. A rumor that oprah is buying...hah.  The day I fall off my chair is seeing an article, "silver prices rises because justin beaver is investing in silver"...

Do NOT follow this link or you will be banned from the site!