Send this article to a friend:


WTI Crude Futures Tumble, Test Critical Support
Tyler Durden

WTI Crude futures are down almost 10% from their highs last week (near $73), testing back to a $65 handle, breaking below critical support levels and testing the major uptrendline...

As Saudi Arabia and Russia signal they will restore some of the production they’ve curbed to drain a global glut, Bloomberg notes that the market awaits a meeting of OPEC and its partners in Vienna late June as extreme positioning starts to get unwound...

“Clearly, the commentary from Russia and Saudi Arabia popped the bubble,” said John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund.

“There’s some legitimate skepticism about whether or not they will follow through. There is going to be nervousness right up until next month’s meeting.”

WTI broke below its 50DMA, is testing its 100DMA and is right at its 12-month up-trend-line...

Talk of rising output from the world’s top two oil exporters wiped out this month’s rally, which Bloomberg noted had been fueled by concerns that supplies from Iran and Venezuela will shrink.

“There’s some discord among the Gulf countries as to whether or not they should increase now or not,” Kilduff said. “There’s some cats to herd.”

Notably, WTI's weakness is underperforming Brent which remains dominated by geopolitical risk - driving the WTI-Brent spread to over $9...

Its widest since March 2015.

our mission:

to widen the scope of financial, economic and political information available to the professional investing public.
to skeptically examine and, where necessary, attack the flaccid institution that financial journalism has become.
to liberate oppressed knowledge.
to provide analysis uninhibited by political constraint.
to facilitate information's unending quest for freedom.
our method: pseudonymous speech...
Anonymity is a shield from the tyranny of the majority. it thus exemplifies the purpose behind the bill of rights, and of the first amendment in particular: to protect unpopular individuals from retaliation-- and their ideas from suppression-- at the hand of an intolerant society.

...responsibly used.

The right to remain anonymous may be abused when it shields fraudulent conduct. but political speech by its nature will sometimes have unpalatable consequences, and, in general, our society accords greater weight to the value of free speech than to the dangers of its misuse.

Though often maligned (typically by those frustrated by an inability to engage in ad hominem attacks) anonymous speech has a long and storied history in the united states. used by the likes of mark twain (aka samuel langhorne clemens) to criticize common ignorance, and perhaps most famously by alexander hamilton, james madison and john jay (aka publius) to write the federalist papers, we think ourselves in good company in using one or another nom de plume. particularly in light of an emerging trend against vocalizing public dissent in the united states, we believe in the critical importance of anonymity and its role in dissident speech. like the economist magazine, we also believe that keeping authorship anonymous moves the focus of discussion to the content of speech and away from the speaker- as it should be. we believe not only that you should be comfortable with anonymous speech in such an environment, but that you should be suspicious of any speech that isn't.

[Most Recent Quotes from] [Most Recent USD from] [Most Recent Quotes from]

Send this article to a friend: