Amid the biggest single-day drop in two months, WTI Crude has been hammred back below once again as a cooling realization washes across the energy complex that Saudi Arabia will make no changes at this week's OPEC meeting (delegate quoted as saying "OPEC unlikley to cut if non-OPEC is not cutting,") leaving a grossly over-supplied (and over-leveraged Shale drillers) world to flounder...
From Monday's spike on hopes of more China stimulus to yesterday's insane swings on algo stop-runs and economic data carnage, oil has been volatile but today's bloodbath following OPEC member comments that Saudi will not budge followed by DOE data indicating further demand weakness, production rises, and inventory surges...
And then this...
- SENIOR OPEC DELEGATE SAYS OPEC UNLIKELY TO CUT IF NON-OPEC IS NOT CUTTING
[7]
The Iraqis do not seem happy:
- *IRAQ MINISTER SAYS MARKET UNSTABLE, UNHAPPY ABOUT OIL PRICES
Charts: Bloomberg
