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:
OPEC is ready to cooperate on a cut, but current prices are already forcing non-opec producers to at least cap output, says UAE Energy min
— Summer Said (@summer_said) February 11, 2016
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.