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Dubai Crude Price Crashes To Lowest Since 2004, Stocks Hit 2 Year Lows

Tyler Durden's picture




 

Dubai Light Crude prices have plunged overnight, crashing the spot price below the 2008 lows for the first time, to its lowest since 2004. This is continuing to weigh on Dubai's once-exuberant equity market which just hit fresh 2-year lows as financials and property companies plunge.

 

Worst in 11 years...

 

Driving the exuberant money-chasers out o fthe nation's stock market... (and do not forget we market the top in 2014 when a company that actually did nothing saw its IPO oversubscribed 36x)...

 

And finally this is why all of this is a problem... when there is no equity to back that 'skyscraper' of debt, the contagion will spread.

One supports the other... and vice versa.

Though we do note that Dubai's crude is not the lowest priced...

 

Charts: Bloomberg

 

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Mon, 12/14/2015 - 12:09 | 6921680 hedgeless_horseman
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But Sheikh Mohammed bin Rashid Al Maktoum's home is free and clear.


Mon, 12/14/2015 - 12:09 | 6921686 He_Who Carried ...
He_Who Carried The Sun's picture

Long sand, my dearest, long sand...!

Mon, 12/14/2015 - 14:19 | 6922290 svayambhu108
svayambhu108's picture

Long on dehidrated stinky slaves of Dubai

Mon, 12/14/2015 - 12:10 | 6921687 Flagit
Flagit's picture

Long camels?

No, Goblins.

And down, down to Goblin town

You go, my lad!

Clash, crash! Crush, smash!
Hammer and tongs! Knocker and gongs!
Pound, pound, down underground!

Ho, ho! my lad!

You go, my lad!

Mon, 12/14/2015 - 12:09 | 6921691 jaap
jaap's picture

and magic carpets.

Mon, 12/14/2015 - 12:12 | 6921704 Pliskin
Pliskin's picture

Pull It!

Mon, 12/14/2015 - 12:13 | 6921707 wanderer9641
wanderer9641's picture

Home??  I thought that was just his winter retreat cottage

Mon, 12/14/2015 - 12:14 | 6921720 Pliskin
Pliskin's picture

Right click on the picture, zoom in, third window from the left on the second floor...you can see Madelaine McCann.

Mon, 12/14/2015 - 12:50 | 6921886 KnuckleDragger-X
KnuckleDragger-X's picture

It's Monday and I'm at NIRP fucks to give about a once and future, third world toilet......

Mon, 12/14/2015 - 12:09 | 6921683 db51
db51's picture

and in the Shale Patch  and Canada 

 

Then, last February, he was sent on a three-day stint, not knowing that his employer was preparing his termination papers. He learned that he’d been laid off along with others days later. Within months, he and his girlfriend were homeless and moving into his parents’ house.

Now he’s $7,000 behind on child support payments. “I tried so hard to do it on my own, be a good father – the guy who goes to work everyday and earns his money,” he says. “It’s very depressing.”

Seibel’s represents one of 40,000 Alberta oil jobs lost since the price of petroleum plummeted late last year. Accrording to Statistics Canada, 185,000 more energy workers will be jobless by spring.

At least the suicide rate increase will keep unemployment numbers in check.

 

Mon, 12/14/2015 - 12:09 | 6921689 youngman
youngman's picture

And the other oil shieks that bailed them out last time...are a little short on cash right now too...

Mon, 12/14/2015 - 12:10 | 6921693 LawsofPhysics
LawsofPhysics's picture

Wait for it, the last time I checked there were still damn near 8 billion of us all competing for the resources and consumable calories required to maintain a high standard of living.  Those living in caves probably don't need to worry though...

Mon, 12/14/2015 - 12:10 | 6921694 Pliskin
Pliskin's picture

Can you hear my violin?

Mon, 12/14/2015 - 12:24 | 6921756 BiPolarFrenchman
BiPolarFrenchman's picture

+1 on the choice of icon

Mon, 12/14/2015 - 12:11 | 6921701 youngman
youngman's picture

with a house like that..go long lawnmowers and window washers...

Mon, 12/14/2015 - 12:13 | 6921713 Monetas
Monetas's picture

A country named "joint" ?

Mon, 12/14/2015 - 12:14 | 6921715 robertocarlos
robertocarlos's picture

There are only 7 billion people and we could support 12 billion if you didn't drive an SUV or eat 4,000 calories a day.

Mon, 12/14/2015 - 12:42 | 6921839 froze25
froze25's picture

No, that's wrong we could support 14 billion if you drove a Diesel SUV and only ate 3850 calories a day. Check your facts.

Mon, 12/14/2015 - 12:45 | 6921855 hedgeless_horseman
hedgeless_horseman's picture

 

 

we could support 14 billion if you drove a Diesel SUV

Sure, if he was the only one driving.

For how long, with 14 billion driving a Diesel SUV, and what "facts" are you using for KSA reserves?

Mon, 12/14/2015 - 12:51 | 6921889 robertocarlos
robertocarlos's picture

I'm moving to North Korea. The women there have nice skin and there's only one guy who eats 4,000 calories a day.

Mon, 12/14/2015 - 12:45 | 6921842 SWCroaker
SWCroaker's picture

Maybe it is a good thing that we are encountering some size limits in a manner that is sub-optimal?  Compare and contrast: scenario #1 has the world being uber lean/mean/kindly/green, but still stoopid human.  Things are just peachy right up to our maximum limit of 12 billion souls, at which point add 1 and the whole delicately perfectly balanced system implodes.   Scenario #2 is a world with fat/wasteful/selfish/ungreen types that put the limit in the neighborhood of 8 billion.  Being sub-optimal, scenario #2 has issues left and right in a progression all the time, so it constantly raises the opportunity to either address the real problem (self-managed population size) or be forced to take a step or two towards "optimal".

Scenario #2 gives humanity lots and lots of chances to figure things out before nature becomes a limit, and imho the "poor" resolution to scenario #2's regularly arising issues is to solve the short term problem and shift more towards scenario #1; successfully postponing an addressing of the ultimate problem.  So don't be too upset, you may get your way in the end, and if so, I'll be upset because I think arriving at an "maximal" population level means we ultimately failed.

Mon, 12/14/2015 - 13:16 | 6921986 Niall Of The Ni...
Niall Of The Nine Hostages's picture

Who said we needed to support 12 billion people? We sent men to the moon and returned them safely to the earth with less than four billion.

We don't need more people. We need better people. Bring Old Man Smallpox out of retirement and let him and natural selection do his job of keeping the low-IQ population to a manageable size and making room for better breeds of humanity.

Of course, to the 30,000 "better" means precisely those low-IQ people content to live worse than the master class's dogs, and lacking the smarts to organize successful slave revolts or effectively resist when robot technology comes far enough that the robots can be ordered to dispense with the human drudges.

It's the high-IQ people who are our masters' closest competition that they want to persuade to stop reproducing, voluntarily or otherwise.

I could just advise you that you could take your own advice regarding the salvation of the planet and kill yourself, but I'd prefer to warn you that if nothing is done about the 30,000 soon, they will be happy to make the decision for you.

Mon, 12/14/2015 - 13:18 | 6921992 BingoBoggins
BingoBoggins's picture

Moar!

Mon, 12/14/2015 - 12:14 | 6921719 nosam
nosam's picture

At some point the sand will retake Dubai. All the Indians will go jome. And the Arabs will return to fishing.

Mon, 12/14/2015 - 12:16 | 6921728 Boubou
Boubou's picture

Ain't capitalism grand? While monster oil producing nations play beggar thy neighbor, in the process they beggar retired folk trying to eke out a living on dividends. And why are retired folk doing that? Because another bunch of a'holes killed fixed ineterest and safe returns.

Mon, 12/14/2015 - 12:16 | 6921729 vollderlerby
vollderlerby's picture

Still getting fisted at the gas pump

Mon, 12/14/2015 - 12:23 | 6921730 Monetas
Monetas's picture

They've got "coillateral" .... we got "coallateral" ?

Mon, 12/14/2015 - 12:21 | 6921748 Jethro
Jethro's picture

Zero fucks given.  Maybe they can harness up their camels to tow their Ferraris around.

Mon, 12/14/2015 - 12:41 | 6921831 Mr. Schmilkies
Mr. Schmilkies's picture

Dude!  Dubai Dow decidedly down due to disastrous deluge of deep dark deposits, dicey debt.

Mon, 12/14/2015 - 12:40 | 6921832 MrBoompi
MrBoompi's picture

Maybe if I was in the oil business I would give a damn.  But I'm in the gasoline purchasing business and we never see the fucking price of gasoline crash at the pump. The price spikes are immediately passed along to us however.  The oil business has been the most lucrative business developed over the past 100 years, outside of banking.  Consumers have made them rich, and the quest for control of fossil fuel energy still fuels death and destruction.  Our military and Pentagon private miltary contractors are in the business of acquiring and protecting these resources.  We get to pay for the gas and hear how evil Muslims are.  Most have no fucking clue who the real enemies are.  

Mon, 12/14/2015 - 12:49 | 6921874 froze25
froze25's picture

We know who the enemies are and the rest of the population is rapidly catching on. The proof is in the declining numbers of the so called "main stream" press CNN, MSN, NBC, FOX etc. The socialist in France had to pull off candidates from the ballots in order to support the Center Right republicans for heavens sake in order to keep the Anti EU, Anti Muslim invasion, excuse me anti immigration party known as "French National Front" from winning. That's unheard of and a clear sign of a trend. Hell why do you think people like Trump? Even the trade Unions in NYC are talking about supporting him. Iron workers and Steam fitters are having trouble keeping their members in line at union meetings because the union members don't want to support a Democrat they want to back Trump. The coffee has been smelled and the people are waking up.

Mon, 12/14/2015 - 12:52 | 6921885 Omen IV
Omen IV's picture

I think  - this time -  may be different at the pump  -  the need for cash for all these countries to avoid revolutions is so great that keep pumping is the strategy - but the ships, storage, tank trains, pipelines are full - and once there are no ships left for storage

the price may be incredible at retail gasoline especially with little demand for Heating Oil.

Kerosene for Military aircraft only expandable demand

Mon, 12/14/2015 - 14:03 | 6922181 Anopheles
Anopheles's picture

Pump prices? 

Even if crude oil was free, gasoline would still cost WELL over $1 a gallon.  

It's all the other costs, from transport, refining, storage, retailing and TAXES.  

Mon, 12/14/2015 - 13:11 | 6921973 williambanzai7
williambanzai7's picture

Gee wiz, this saddens me like it does all of you...

Mon, 12/14/2015 - 13:14 | 6921980 Bunga Bunga
Bunga Bunga's picture

ten

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