{"id":40862,"date":"2018-11-23T08:58:16","date_gmt":"2018-11-23T13:58:16","guid":{"rendered":"http:\/\/olduvai.ca\/?p=40862"},"modified":"2018-11-23T08:58:16","modified_gmt":"2018-11-23T13:58:16","slug":"oil-crashes-to-one-year-low-brent-below-60-as-saudis-pump-record-crude","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=40862","title":{"rendered":"Oil Crashes To One Year Low, Brent Below $60 As Saudis Pump Record Crude"},"content":{"rendered":"<div id=\"block-zerohedge-page-title\" class=\"block block-core block-page-title-block\">\n<h3 class=\"page-title\"><span class=\"field field--name-title field--type-string field--label-hidden\"><a href=\"https:\/\/www.zerohedge.com\/news\/2018-11-23\/oil-crashes-one-year-low-saudis-pump-record-crude\">Oil Crashes To One Year Low, Brent Below $60 As Saudis Pump Record Crude<\/a><\/span><\/h3>\n<\/div>\n<div id=\"block-zerohedge-content\" class=\"block block-system block-system-main-block\">\n<article class=\"node node--type-article node--view-mode-full\" role=\"article\" data-gtm-vis-recent-on-screen-2077925_22=\"1066\" data-gtm-vis-first-on-screen-2077925_22=\"1066\" data-gtm-vis-total-visible-time-2077925_22=\"100\" data-gtm-vis-has-fired-2077925_22=\"1\">\n<div class=\"node__content\">\n<div class=\"clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item\">\n<p><strong>Update:<\/strong><\/p>\n<ul>\n<li>U.S. CRUDE EXTENDS LOSSES, TRADES DOWN MORE THAN $4 A BARREL TO SESSION LOW OF $50.63 A BARREL<\/li>\n<li>BRENT FALLS BELOW $60\/BBL FOR FIRST TIME SINCE OCT. 2017<\/li>\n<\/ul>\n<p>* * *<\/p>\n<p>The first time oil tumbled two weeks ago when it crashed by 7%, Goldman &#8211; which has been telling its clients to keep buying crude all the way down from $80 &#8211; blamed it on &#8220;negative convexity&#8221; and other arcane reasons because the far simpler explanation, <strong><em>more supply, less demand,<\/em> <\/strong>would be just too obvious for its brilliant strategists not to notice.<\/p>\n<p>There was no &#8220;negative convexity&#8221; &#8211; Wall Street&#8217;s catch phrase to &#8220;&#8221;explain anything that can not be otherwise explained -overnight, when oil resumed its plunge, sliding to the lowest in a year and dropping below $51 after Saudi Arabia signaled its output reached a record high, while growing U.S. inventories stoked fresh concerns over a global supply glut.<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/2018-11-23.jpg?itok=iV7yjNpd\" data-image-external-href=\"\" data-image-href=\"\/sites\/default\/files\/inline-images\/2018-11-23.jpg?itok=iV7yjNpd\" data-link-option=\"0\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/2018-11-23.jpg\" srcset=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/styles\/inline_image_desktop\/public\/inline-images\/2018-11-23.jpg?itok=iV7yjNpd 1x\" alt=\"\" width=\"500\" height=\"265\" data-entity-type=\"file\" data-entity-uuid=\"2d05b54f-6d33-43b7-9540-b9df7d76b97f\" data-responsive-image-style=\"inline_images\" \/><\/a><\/p>\n<p>WTI futures dropped as much as 5.4% from the Wednesday settlement (there was no Thanksgiving settlement price) and were set for a seventh weekly decline, dropping as low as $51.62\/barrel the lowest price in one year.<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/oil%20drop%20weekly.jpg?itok=YvB3i_Tv\" data-image-external-href=\"\" data-image-href=\"\/sites\/default\/files\/inline-images\/oil%20drop%20weekly.jpg?itok=YvB3i_Tv\" data-link-option=\"0\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/oil%20drop%20weekly.jpg\" srcset=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/styles\/inline_image_desktop\/public\/inline-images\/oil%20drop%20weekly.jpg?itok=YvB3i_Tv 1x\" alt=\"\" width=\"500\" height=\"218\" data-entity-type=\"file\" data-entity-uuid=\"fb1fcfac-ef7d-4ea5-a07e-d882286d83da\" data-responsive-image-style=\"inline_images\" \/><\/a><\/p>\n<p>Brent dropped below $60\/barrel for the first time since October 2017.<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/oil%20slide.jpg?itok=IP8rgMiE\" data-image-external-href=\"\" data-image-href=\"\/sites\/default\/files\/inline-images\/oil%20slide.jpg?itok=IP8rgMiE\" data-link-option=\"0\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/oil%20slide.jpg\" srcset=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/styles\/inline_image_desktop\/public\/inline-images\/oil%20slide.jpg?itok=IP8rgMiE 1x\" alt=\"\" width=\"500\" height=\"285\" data-entity-type=\"file\" data-entity-uuid=\"9ef4734b-cea4-4d00-a55f-794fc12aa293\" data-responsive-image-style=\"inline_images\" \/><\/a><\/p>\n<p>And with Iranian export restrictions lifted after Trump provided most of its clients oil import waivers, traders are now focused on growing risks of a new glut of crude:\u00a0Saudi Arabia\u2019s\u00a0oil minister said Thursday production from the world\u2019s largest exporter climbed further this month after a surge in October, and U.S. stockpiles have\u00a0risen\u00a0for nine straight weeks.<\/p>\n<p>Saudi Arabia is producing oil in excess of 10.7 million barrels a day, more than in recent years, Energy Minister Khalid Al-Falih said, <strong>giving the strongest indication yet that the kingdom has boosted output to record levels. <\/strong><\/p>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Oil Crashes To One Year Low, Brent Below $60 As Saudis Pump Record Crude Update: U.S. CRUDE EXTENDS LOSSES, TRADES DOWN MORE THAN $4 A BARREL TO SESSION LOW OF $50.63 A BARREL BRENT FALLS BELOW $60\/BBL FOR FIRST TIME SINCE OCT. 2017 * * * The first time oil tumbled two weeks ago when [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[588,592,595,596,701,1451,4318],"class_list":["post-40862","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-oil","tag-oil-price","tag-oil-production","tag-oil-supply","tag-saudi-arabia","tag-west-texas-intermediate","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/40862","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=40862"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/40862\/revisions"}],"predecessor-version":[{"id":40863,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/40862\/revisions\/40863"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=40862"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=40862"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=40862"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}