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WTI Crude Plunges To $33 Handle Ahead Of Futures Expiration
While contracts have rolled, we thought it worth noting that January WTI Crude just flushed to a $33 handle for the first time this cycle. Feb crude (the current front-month) is down almost 2% to its series lows around $35.35...
The January contract expires today.
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So long Canada we hardly knew ye.
I live on a US border town with Canada. A lot of commercial buildup happened the last 5 years. Now it's a retail ghost town.
<10 next week.
Bastille Day:
Tell us more about what you are seeing. The only market forecaster that has been right the last 4+ years is Martin Armstrong. He says commodities are really going into the toilet during the first quarter of 2016. Today Martin said the strong dollar is what the USA needs to fear. Americans never seem to realize there is a whole world out there and we are the cleanest dirty shirt. Money will come here looking for safety.
My son-in-law mentioned that for the billions and trillions the federal reserve put into the system, it all seems to have disappeared. Gerald Celente who has a spotty forecasting record(but I like him) said all that money was loaned to third world countries to finance commodity production when China was expanding. Now that commodity prices have crashed these countries can't pay the interest or the loan back. He said iron ore was $200 a metric ton and now it is $40. That says it all. Every two hours now you are seeing another country in financial trouble.
New party game: WTI Limbo.
How low can you go?
DOWN goes Frazier!
Amazing to watch isn't it?
Crude is heading to mid $20 and will bump around there before heading back up. We will be lucky to hit $50 all 2016. However, 2017 might see stable $50.
What would that be if oil is priced in IMF NotesTM?
Is this good or bad?
Yes.
You got it.
Stays below 35 very long and somebody will get a itchy trigger finger, ie ww3
Gold Double Bottom and Bitcoin: https://youtu.be/I7_F3tp969M
This will be good for Canada because it means their dollar will become worthless and food inflation will skyrocket. Janet Yellen says both of these are awesome.
It will take s few more weeks until we start seeing the cascading bankruptcies.
Now this is crude.
This is insane to me, anybody going long oil at some point? If it breaks $30 thinking about going long.
Shows how arbitrary 'market prices' really are. Are you willing to bet that TPTB is done punishing whomever yet?
I'm willing to go long oil, no clue when OPEC decides enough is enough, but at these levels investment is going to completely dry up, that's what I know. I know that Saudi Arabia is hurting themselves as much as anyone, and that will not last forever. How long can it go on for, I don't know. But supply will correct and it will correct sharply as time goes on if prices stay down here, and that is when the oil price is going to shoot up.
I will buy when and if, Russia goes "belly up" Russia gets on board with the crooks running the show or Russia bombs the hell out of ISIS to the point that ISIS's pillaging comes to an end. Grab some popcorn and enjoy the shit show.
Wot?? No mention of the spot price gap up? About as cherry-picky as fed CPI inclusions!
Wot?? No mention of the spot price gap up? About as cherry-picky as fed CPI inclusions!
Alberta has been seen for a wondrous economic model for so long... They were so rich over there because they were so great at the economic shit... Hubris! I wonder how Alberta would fare against BC, Ontario and Quebec without a drop of crude...
You don't have anything to worry about, Alberta has an NDP gtovernment now so they will become just as fucked up as BC and Ontario in no time at all.
It used to be famous for being the easiest and quickest place to start a business in Canada....but, like I said, the NDP will fix that.
Squid
and retail gasoline and heating oil is more expensive than it was last year with oil a whole lot higher.
I'm still seeing stations with $2.25 gas and heating oil is $2.10 per gallon. On average oil has been below $50 all year and that should have meant retail gasoline under $2.00 all year and prices lower than $1.50 right now. Instead consumers are getting raped by Yellen's spiked strap on.
Will the disconnect ever be remedied? Or are we now looking at $3.00+ gas when oil goes back to $50?