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
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