Today, gamblers had a tantrum because the European economy wasn't weak enough to justify more free money. Tomorrow, U.S. gamblers will pray for a weak jobs report while also praying that this weak jobs report isn't the one that signals they're already fucked company. Because everyone thinks THEY alone will get out at the top.
Also tomorrow, OPEC meets to decide the order of bankruptcy in their race to the bottom...
"With previous support levels now broken, analysts warn that prices could soon drop to their lowest levels in seven years—and OPEC hasn’t even held its official meeting yet. Wednesday’s settlements put “a little more pressure on the Saudis..."
“Saudi Arabia seems intent on crushing the market and isn’t overly concerned about the supply/demand situation"
"Saudi Arabia and its Persian Gulf allies were willing to reduce output, but wouldn’t cut unless other producers like Iran, Iraq and Russia joined them."
U.S. inventories ALL TIME HIGH:
Oil rallied today due to short-covering ahead of OPEC and due to the weak dollar, which raises the question:
Can crude fall if the dollar weakens?
It did the last time crude collapsed in 1998...
USD (red) inverted with Crude:
