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

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.

Comments

[cheech_wizard]

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.

[steveharless]

Soros: It's the 2008 crisis all over again 

http://www.cnbc.com/2016/01/07/soros-its-the-2008-crisis-all-over-again....

[22winmag]

Defund the head choppers.

Starve the beast.

[PTR]

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.

[Black Warrior W...]

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

[Moe Howard]

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