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WTI Tumbles To $42, Brent Below $45 As Credit Crashes

Courtesy of ZeroHedge. View original post here.

High yield energy credit markets are in trouble again, with risk now at its highest level in 7 months.

Despite this morning’s Iran-hyped OPEC bullshit and a small draw in Gasoline, it appears the reality of surging US shale production and lagging demand is weighing down oil (and gasoline) markets…

Since OPEC announced its production cut extension, the crude curve has crashed at the front-end…

Macquarie’s head ofoil & gas research warns…

  • ‘A WHILE’ BEFORE OPEC TAKES BACK CONTROL OF MARKET
  • ‘HUGE WAVE’ OF U.S. SHALE OFFSETTING OPEC CUTS

Brent crude extends drop falling below $45/bbl for the first time since November 15.


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