WTI Crude Tumbles Back Below $60

Despite reassurances from Goldman's Jeffrey Curries that global demand is "rock solid," it appears anxiety over US shale production, rising inventories, and questions over OPEC's deal extensions (as well as insanely extreme long speculative positioning) has sparked significant weakness in oil prices...

Despite the selloff in equities and oil markets, fundamentals “are very much intact,” Jeffrey Currie, global head of commodities research at Goldman Sachs, says in comments on Bloomberg TV and radio.

Global financial markets are “getting a taste of” what oil market saw last year with corrections.

But WTI is back with a %59 handle for the first time since 2017...

“The supply backlash that we have been expecting in the U.S. because of higher prices became very real in the market psyche,” Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas SA in London, said by telephone.

Oil is also being buffeted by “ripple effects from the risk-off move in equity markets.”

Another leg of the stool just broke?

Comments

coast1 Fri, 02/09/2018 - 10:51 Permalink

djia starts off +200 and now down -200...lol....we should keep in mind tho, it was 20k a year ago and still at 23k now..Altho, if confidence keeps waning, who knows what could happen.

Reichstag Fire Dept. Fri, 02/09/2018 - 10:52 Permalink

The are only liars in the oil business. (Learned in downtown Calgary oilfield sales first hand)

There is no energy shortage, they will say ANYTHING to keep the price as high s possible without causing demand destruction.

Fiscal Smegma Fri, 02/09/2018 - 10:54 Permalink

FUCKING JEW HATING NIGGER ZERO HEDGE FUCKWADS 

YOU IDIOT FUCKS!!!!!!!!!!!!!! JEWS Are GOOD...Just Watch Wallet... MUUUUUUOOOOLLLLOZZZZ SLIME FILTH BAD.. Have to Watch Neck... Or Get BURNED ALIVE IN CADGE!!!

 

adr Fri, 02/09/2018 - 11:26 Permalink

Oh, does that mean gas can go back to $2.20?

No?

Ok then, I'll bend over that log. THANK YOU SIR, MAY I HAVE ANOTHER!