Contango

WTI Plunges To 7-Month Lows - Enters Bear Market As HY Bonds Crater

WTI Crude has entered a bear market (down over 20% from its highs) amid concerns OPEC-led output cuts won’t succeed in rebalancing the market (and not helped by the fact that Libya is pumping the most crude in 4 years). Furthermore, HY Bonds are getting hit led by a spike in HY Energy risk...

Oil Plunges To November Lows On Sudden Volume Spike

"It feels like were seeing some panic that we could shoot through the YTD lows here as we retest the levels seen last November pre the OPEC meeting, with decent volumes going through the market."

Market Mocks OPEC Crude Jawboning; Morgan Stanley Warns Of Risks To 2018 Oil Price

In the clearest indication yet that OPEC jawboning no longer has an effect on markets, and especially headline scanning algos, following numerous headlines from Saudi energy minister Khlaid Al-Falih overnight warning that the oil rebalancing is imminent, and in case it isn't, it will come in 2018 when OPEC and Non-OPEC producers may extend their production cuts, this morning oil is firmly hugging the flatline after a failed attempt to push higher earlier in the session.

RBOB "In Danger Of Breaking Down" Amid Record Gasoline Contango

June 2017 gasoline futures are traded at the biggest discount ever to the July contract this morning as the front-month futures tumbles to its lowest since September. As Bloomberg reports, Mizuho Securities' Bob Yawger warns "gasoline in danger of breakdown today...”

US Rig Count Rise Continues As Crude Production Hits 20-Month Highs

From the May 2016 lows, the number of US oil rig counts have only declined 3 times and this week was no exception. Up for its 15th week in a row (+9 to 697), its highest level since April 2015, the rig count continues to pull US crude production higher, stymying OPEC efforts at balance, leaving the bullish case for oil fading fast.