Oil prices

Thank Goodness for Zero Hedge!

On the media we are getting a caricature , inverted version of reality.

On Radio New Zealand yesterday I heard an "expert" say that the collapse in the price of oil (actually he talked about LNG) was hurting ONLY Russia (so Putin "wouldn't be able to start any more wars" - lol) and New Zealand was looking at a "golden summer" with an improvement in dairy prices projected for next year."

These people are actually PAID to come up with garbage!

If you want to listen, here it is (from about 5' onwards)

WTI Crude Crashes Into The $50s

Zero Hedge,

11 December, 2014

UPDATE: WTI just hit a $58 handle...

Zee overnight stabilitee (and brief dead-cat-bounce this morning) has turned into a renewed bout of selling pressure and for the first time since July 2009, WTI has broken below the $60 level. Canada Heavy is trading $42.10 (down almst $4 today!), its lowest since April 2009. Energy credit spreads are wider once again, now at +952bps.

Canada Heavy has crashed...

And WTI breaks below $60 (and bounces) after multiple stop run attempts...

Now we have a problem...

Who could have seen that coming?

As Deutsche Bank warned last month, a drop in the oil price to $60 a barrel "is likely to push the whole HY energy sector into distress."

Charts: Bloomberg