Oil Plunges To Lowest Since March 2009 ($43 WTI) As EURUSD 1.05 Battle Continues
Update: *WTI CRUDE TRADES AT LOWEST INTRADAY PRICE SINCE MARCH 2009 – $43.57
Despite ‘trouble’ in Saudi Arabia, and chatter of SPR buying, it appears the re-opening of all Houston shipping channels, comments from Greenspan, yet another refinery shut (Exxon’s Joliet lost power), and the rapidly filling storage capacity has awakened the realization that the month-long dead-cat-bounce is over in crude. Brent broke below $53.50 and WTI back to a $43 handle (close to the lowest levels in 6 years) at the open. One can only imagine the pressure on USO (Oil ETF) holders as the contango continues to gap wider. EURUSD is teasing the crucial 1.05 level again…
Tumble to a $43 handle briefly…
The lowest in the cycle (based on the April contract)…
as the contango blows sky high…
Looks a little different this time…
And EURUSD is teasing 1.05 once again…
Charts: Bloomberg
