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

Jon Alternative Media, Blogosphere, Energy, Market Commentary

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.

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This post was published at Zero Hedge on 01/02/2015.