Home » Posts tagged 'wti crude'

Tag Archives: wti crude

Olduvai
Click on image to purchase

Olduvai III: Catacylsm
Click on image to purchase

Post categories

Post Archives by Category

Oil Slumps Below $60 To 8-Month Lows – Set For Record Losing Streak

November 9, 2018

Oil Slumps Below $60 To 8-Month Lows – Set For Record Losing Streak

WTI Crude is trading back below $60 for the first time since March (and Brent below $70) as Washington’s decision to allow eight countries to continue importing from Iran, which it slapped with sanctions earlier this week; as well as pledges by Saudi Arabia and other producers to pump more (as well as surges in American supply and stockpiles), have turned fears of a supply crunch into talk of an oversupply.

This is the 10th down-day in a row…

Which if it holds, will be the longest losing streak in the history of the oil contract…

“The focus is on negative sentiment in oil and negative momentum,” said Giovanni Staunovo, a commodity analyst at UBS Group AG.

“It’ll be interesting to see if some stick with their shorts over the weekend with the OPEC meeting.”

Is it time for Energy stocks to catch down to reality?

And are inflation breakevens about to tumble?

On the bright side, is the American average joe about to get a ‘tax cut’ as his pump-price for gas is set to plummet…

Oil Plunges To Lowest Since March 2009 ($43 WTI) As EURUSD 1.05 Battle Continues

March 15, 2015

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

 

 

Venezuelan Bonds Are Collapsing, FinMin Denies Devaluation Looming | Zero Hedge

November 13, 2014

Venezuelan Bonds Are Collapsing, FinMin Denies Devaluation Looming | Zero Hedge.

While talking heads proclaim – incorrectly – that low oil prices are unequivocally good for the US economy, it is very much not the case for oil producers around the world. Most notably, Venezuela – which ‘needs’ oil prices above $100 to maintain its socialist utopia – and currently ranks at a lowly 100th on the world’s prosperity index, is in grave trouble if this trend continues. Venezuelan bonds plunged to new record lows today as oil prices hit fresh cycle lows, strongly suggesting default or currency devaluation is imminent. However, as is usual (think Mexico) Finance Minister Rodolfo Marco Torres ruled out devaluation even as oil price drop exacerbates country’s finances. As one analyst noted, “there’s broad understanding that in the absence of any corrective policy measures that these guys are going to be in serious trouble.” It appears they already are.

As we noted previously, While Saudi Arabia tests the mettle of North American producers, it could be Venezuela that is the most vulnerable.(via Nick Cunningham of OilPrice.com)

…click on the above link to read the rest of the article…

Olduvai IV: Courage
Click on image to read excerpts

Olduvai II: Exodus
Click on image to purchase

Click on image to purchase @ FriesenPress