OPEC Basket Crude Price Crashes Below $30 - Lowest Since 2004

Tyler Durden's picture




 

With WTI trading with a $32 handle, collapsing below December 2008's $32.40 lows briefly overnight, OPEC's broad basket price for crude has also reached a worrisome milestone. Amid Saudi price cuts to Europe, the basket price was set at $29.71 today - the first print below $30 since April 2004.

WTI broke 2008 lows overnight... and then ran stops to overnight highs...

 

and following the inclusion of Indonesia's crude oil price, OPEC's basket price is back below $30...

 

For the first time since April 2004...

Source: OPEC

This won't end well.

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Thu, 01/07/2016 - 13:29 | 7012226 cheech_wizard
cheech_wizard's picture

Today's melt up of the S&P, DOW, and Nasdaq have begun to melt down again. Actually it's beginning to look like a rout.

Standard Disclaimer: Popcorn, I need more popcorn.

Thu, 01/07/2016 - 13:30 | 7012234 steveharless
Thu, 01/07/2016 - 13:35 | 7012260 22winmag
22winmag's picture

Defund the head choppers.

 

Starve the beast.

Thu, 01/07/2016 - 13:57 | 7012408 PTR
PTR's picture

I'm eating my size medium shorts.  When the oil price plunge happened in 2008 and I bought in at fire sale prices, I stated that oil prices would never get that low again.

 

Thank goodness these drawers are 100% cotton.

 

 

Thu, 01/07/2016 - 17:52 | 7013930 Black Warrior W...
Black Warrior Waterdog's picture

Gasoline still $2.69/gal here in California. FUCK THAT SHIT

Fri, 01/08/2016 - 07:01 | 7016013 Moe Howard
Moe Howard's picture

Free shit for invaders ain't cheep. Somebody has to pay.

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