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WTI Crude tumbles To $49 Handle, Erases OPEC/NOPEC Deal Gains

But, but, but… growth, and inflation, and supply cuts, and growth again…

Well that de-escalated quickly…

As Libya restarts exports and The Fed sends the dollar soaring so WTI crude prices just broke back to a $49 handle for the first time since Dec 8th.

WTI Crude

WTI Crude

WTI Crude - Click to enlarge

“The OPEC cuts are going to prevent some of the mega-glut,” said Olivier Jakob, managing director at Petromatrix GmbH in Zug, Switzerland. “But Libya coming back is not going to help the supply imbalances. It’s going to take a little longer for the OPEC cuts to work. It’s relatively clear OPEC are not going to get to 32.5 million barrels a day in January.”

Full story here
Tyler Durden

ZeroHedges’ Tyler Durden is the hero of Fight Club, the 1999 movie based on Chuck Palahniuk’s novel that reflected Chuck’s experience in the Cacophony Society Quote: “Goddamn it, an entire generation pumping gas, waiting tables, slaves with white collars. Advertising has us chasing cars and clothes, working jobs we hate so we can buy shit we don’t need. We’re the middle children of history, man. No purpose or place. We have no Great War. No Great Depression. Our Great War’s a spiritual war… our Great Depression is our lives. We’ve all been raised on television to believe that one day we’d all be millionaires, and movie gods, and rock stars. But we won’t. And we’re slowly learning that fact. And we’re very, very pissed off.” –> see more about Tyler on snbchf

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Permanent link to this article: https://snbchf.com/2016/12/durden-wti-crude-tumbles-opec-nopec/

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