Moments After Oil Crashes To 12 Year Lows, "OPEC Headline" Sends It Surging Again

Tyler Durden's picture

Seconds after Oil hit the lows and NYMEX closed - and S&P broke the critical 1812 level, this hit:

  • *OPEC READY TO COOPERATE ON CUT, UAE ENERGY MIN SAYS: WSJ

Here is the source:

 

So, first it was Venezuela speaking for the Saudis, then it was Russia speaking for the Saudis, now it is the UAE.

And the reaction...

 

The last time front-month crude oil traded at these levels ($26.12) was May 2003 as WTI Crude has collapsed over 22% in the last 2 weeks - the biggest drop since Lehman in 2008. Goldman's "teens" are getting closer...

 

 

With credit risk already at record highs - and getting higher - we suspect the moment of Chapter 7 truth is getting closer.

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So Close's picture

More supply than demand.

BeaverCream's picture

They figured how to fix this problem when they found trilions of tons of diamonds underneath the dirt in Africa....artificial scarcity works goys.

TheBoyPlunger's picture

WTI down $1 a day.... free oil by April ! Yippeee !

hedgeless_horseman's picture

 

 

WSJ: UAE ENERGY MIN LIES AND ALL WE GET IS THIS LOUSY 82 CENT RAMP IN WTI

froze25's picture

I don't buy it, short the hell out of this spike.

Tarzan's picture

Here comes the 2:30 ramp

 

Nikki Alexis's picture

Yep, a small cut in OPEC production will save the banks and solve the debt/derivatives problems.

Whew... that was close.

 

pods's picture

Even money we are actually living in an interactive neural simulation that some call The Matrix.

So a tweet from around the world steamrolls the three major markets in the USA?

I think they just pick where the line goes and we all accept it's real.

pods

waterwitch's picture

I'd hardly call $0.60/bbl a surge in price!  Now $6 would be.  What happened to the $20-40 daily surges????

Squid-puppets a-go-go's picture

although this low oil shows how shit the global economy is, at least it demonstrates that the price setting mechanism responds to actual supply and demand and is largely not manipulable - at least not by the house of Saud

Buckaroo Banzai's picture

The idea that a bunch of sand niggers and south american communists might be able to exercise the self-control necessary to cut back production without cheating is downright absurd.

Two words: PRISONERS DILEMMA

vq1's picture

"In fact, Rosneft CEO Igor Sechin was quoted by Bloomberg as saying Wednesday that it's highly doubtful that any coordinated action between oil producers will occur. "Tell me who is supposed to cut? Will Saudi Arabia cut production? Will Iran cut production? Will Mexico cut production? Will Brazil cut production? Who is going to cut?”"

froze25's picture

All of them are saying, "Thats a great idea, lead the way and I will follow"

HardlyZero's picture

Need a new 2-way interactive clown barfing black gold with mouse wheel control...no more rainbows.

(suck it up a few times the same day)

mtndds's picture

WOOOHOOO!!!  I just made some $$$$ on USO at $7.67!!  FUCK YA.  Strippers and Blow for me tonight!!

gswifty's picture

It takes balls to jump in front of an oncoming train. I did the same a tad higher.

Winston Churchill's picture

Its fading, seems fundamentals do matter.

Whocouldhaveknowed.

Janet Shalom Bernanke's picture

The 2:30 rampers can suck yellen's mangina.

 

 

yrad's picture

If Kim can break the internet, OPEC can break the Market. I think this just happened.

BeaverCream's picture

Miners have to be loving the oil prices...just sayin.  Time to get to work guys.

ParkAveFlasher's picture

Normally it's torture to love what is hated, but not lately. 

Boris Badenov's picture

T. Boone Pickens says SELL EVERYTHING!

ParkAveFlasher's picture

Since Lehman, bitchez!

pods's picture

I am going to go ahead and copyright "Since Doucebank, bitchez!" 

pods

Haole's picture

Here's the "h" you're missing there...

Sanity Bear's picture

nep nep nep nep nep nep nep nep nep

Donald J. Trump's picture

We're now past (prior to) Lehman in some aspects and need a new reference point.  Since y2k, .com#1, asian Crisis #1, how bout since China?

brada1013567's picture

Time for Russia to make the "Goldfinger" play and nuke the Saudis

Tall Tom's picture

I would be mighty pissed off as suppy is restricted, the price increases, and it shore up the balance sheets, and save the fucking fraudulent and corrupt banks.

 

But some of you are just too damned myopic and cannot think that far ahead.

 

Tsk tsk. Ya'all hate the Saudis so much that you will cut off your own nose to spite yer face.

 

Well, Tick tock, mutherfukkers.

 

Douche is going down and take the rest of the fukkers with it...including that fucked up House of Saud...

 

BIG PICTURE,GUYS. BIG PICTURE.

 

We need $5 Oil as soon as possible.

Peak Finance's picture

LOL my CHK trade from Wednesday just went green. WTF is going on today?

foodstampbarry's picture

Booming economy! CNBS said so.

stant's picture

To bad you can't by LEE-MON stawks , might be a good contrarian move today

E.F. Mutton's picture

"Biggest Drop Since Lehman"

Better get a template made for that phrase, going to get a lot of use in the near future.

TradingIsLifeBrah's picture
TradingIsLifeBrah (not verified) Feb 11, 2016 2:40 PM

F*** that, its 2:30PM.  Time to ramp the markets. All aboard!!

vq1's picture

uh oh, chink in the armor! 

bouncing down from the 1836 top around 14:57

stocktivity's picture

Wow...Dow just went from -411 to -315 in about a minute. PPT has arrived

BeaverCream's picture

And they still can't turn it green....put a fork in this pig, time to eat.

stocktivity's picture

God, I hate this manipulated SHIT!!!!

brada1013567's picture

That is why you take the money and run!

Dig Deeper1's picture

SHHHHHH...You're spookin' the cattle.

TradingIsLifeBrah's picture
TradingIsLifeBrah (not verified) stocktivity Feb 11, 2016 2:43 PM

Its like they aren't even trying to hide it anymore.