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WTI Crude Crashes Below $40 On OPEC Delegate "No Cut" Comments
Amid the biggest single-day drop in two months, WTI Crude has been hammred back below once again as a cooling realization washes across the energy complex that Saudi Arabia will make no changes at this week's OPEC meeting (delegate quoted as saying "OPEC unlikley to cut if non-OPEC is not cutting,") leaving a grossly over-supplied (and over-leveraged Shale drillers) world to flounder...
From Monday's spike on hopes of more China stimulus to yesterday's insane swings on algo stop-runs and economic data carnage, oil has been volatile but today's bloodbath following OPEC member comments that Saudi will not budge followed by DOE data indicating further demand weakness, production rises, and inventory surges...
And then this...
- SENIOR OPEC DELEGATE SAYS OPEC UNLIKELY TO CUT IF NON-OPEC IS NOT CUTTING
The Iraqis do not seem happy:
- *IRAQ MINISTER SAYS MARKET UNSTABLE, UNHAPPY ABOUT OIL PRICES
Charts: Bloomberg
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Maybe OPEC can cut Yellens balls off!
I just crapped/shit my pants listening to these idiotic questions they are asking Yellie, worse than the Democrapic debates.
"Do you like your job?"
I mean are they serious? This is called the economic club of washington? Just fucking start clapping already you spineless monkeys
LOL the qestion was just asked to Yellen " The common people are confused about what the FED does, they are not economists, what would you like to tell the American people about why the FED is important and what it does?" FUCK YOU, all of you scumbag criminals. We are not stupid, we know, we know.
OPEC! OPA!
Looks like Gartman got spiked out. What a shame, he actually got one right but still took a loss.
(hehehehehehe!)
wait was he long of, or short of, I recall the latter but that was more than 72 hours ago, so who knows
He was short around 40 with stops at 42.10 right before the last bounce. I scribbled it down for a laugh.
Mmmmm it's going to be great when all that Iranian crude hits the market. The race down to $20 brent has just begun...
Big Oil is dead because its diff this time!!! NOT!
pppppffffffffftttttttttttttttttttt
Now if we can just get gold back to the 1980 high area of 850 or so.
And have it go sideways for the next 15yrs.
Like any criminal conspiracy, monopolies depend on everyone staying with the scam. Geopolitics appear to be more important than the natural desire to keep a profitable scheme going. It seems that, once again, money is not only about money.
3 handle soon
They will do anything to avoid a 3 handle. Because once it is a 3 handle, it quickly becomes a 2 handle.
$40 oil is the black swan Domino destruction that destroys the U.S, economy. U.S. shale hits the bond market hits the bankers, hits the real estate market, hits the U.S. job market hits the retail market, hits goverment income. on an on the dominos fall.
Pretty plesae, fingers crossed.
lol, you must be new to ZH
The up votes indicate he may belong here...
Come on now, $39 handle FTW!
Im doing good. shortedt at 42.50 a couple of days ago. If it bangs into the 38 handle its a sell. Then let them bring it back up to 40 and then short again
"kick save, and a beauty" at the figure...
Here is another dagger to oil and natty gas prices in the US:
Eastern US to Remain Mild as El Nino Keeps the Polar Vortex at Bay This Winter
By Alex Sosnowski, AccuWeather.com Senior Meteorologist December 2, 2015; 12:50 PM EThttp://www.accuweather.com/en/weather-news/el-nino-to-deliver-warmth-eas...
excerpt:
"Much of the central and eastern United States can expect mild weather often from December into January due to El Niño."
OT (?): Zerohedge getting cited by Sputnik along with "The Guardian" in detailed article about Putin's claim of proof that the Erdogan clan is involved in the sale of iraqui/syrian oil and the financing of Daesh/IS.
http://sputniknews.com/middleeast/20151201/1031041612/erdogan-turkey-oil...
I axed my cuz yesterday if he was driving more with $1.68 gas?
No. Driving the same or less.........Cash going to higher healthcare costs.
Yea i get a $1k/yr hike in Jan. That is not nothing. 15%
Hmmm... what do you suppose would really happen if
OPEC cut production?
Keep in mind, the "oil glut" appears to be 1Million bbl/day
on 93Million/day consumption. It wouldn't take a lot to
turn a "glut" into a shortage now would it? And remind me
again, who benefits from naked shorting oil???
The usual suspects you say...???
The Sky is FALLING .... squaak squak squak
Misérable Arab are not stupid. They'll wait until all the U.S. oil hedges have expired in 2016 and then hike oil.