2015 Starts As 2014 Ended: Crude Crumbles To Fresh Lows, WTI Tests $51 Handle

Submitted by Tyler Durden on 01/02/2015 08:15 -0500

• Crude
 
• Crude Oil
 
• headlines
 
• Renaissance

inShare

 

Reading headlines and social media commentary in last night's thin trading, one could have been excused for thinking the collapse of global crude oil prices was over and a new renaissance had begun as 'watchers' proclaimed WTI's spurt above $55 (for a nanosecond) as indicative of the lows being in. However, just hours later, following weak European data (and a recognition of massively offside speculative positioning), WTI has collapsed over $3 from the highs and is testing towards a $51 handle.

Average: