April futures $46.12 down 93 cents after trading as low as $45.92It's Too Early*
Lifted in toto from ZeroHedge:
While none of the catalysts are new (IEA warning temporary stabilization amid rising oil glut and increased US production), it appears the February bounce is done as our discussions of storage limitations gains traction among the ETF-driven knife-catchers. April WTI Crude futures have collapsed in the last few days from over $52 to a $45 handle now - the lowest since January and only marginally above cycle lows... As oil cratered so EURUSD slipped and S&P futures fell.
Crude Carnage...
And EURUSD algos hit another trigger point
As Reuters notes,
Oil prices might have stabilized only temporarily because the global oil glut is worsening and U.S. production shows no sign of slowing, the International Energy Agency said on Friday.
"On the face of it, the oil price appears to be stabilizing. What a precarious balance it is, however," the Paris-based IEA said in its monthly report.
"Behind the façade of stability, the rebalancing triggered by the price collapse has yet to run its course, and it might be overly optimistic to expect it to proceed smoothly."
"Yet U.S. supply so far shows precious little sign of slowing down. Quite to the contrary, it continues to defy expectations," the IEA said.
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*I'm Troy McClure. You may remember me from such earlier posts as:
Jan. 30
It's too early
"It's Too Early"
Jan. 12
It's Too Early
It's (still) Too Early
Jan. 2
It's Too Early
Dec. 8
It's Too Early
Nov. 29
It's Too Early
Nov. 4
It's Too Early
Oct. 27
It's Too Early
Oct. 22
It's Too Early
Repetitious but at least we varied the type size/face.
There are quite a few more during the summer-fall of 2014 from before we settled on the three word formulation.
Going forward we'll try to change it up a bit for our patient (and long suffering) readers.
