BUCKLE UP
The Saudi's just crashed the oil market and Wall Street is going crazy with everyone trying to cover their losses before the opening in the morning.
It's a bloodbath._____
Panic Purgatory: Oil Crashes To $27; S&P Futures Locked Limit Down, Treasuries Soar Limit Up Amid Historic Liquidation
______
The Sunday futures fiasco started off on the back foot, with virtually every risk asset that is not nailed down puking with a force unseen since the financial crisis. It has only gotten worse since.
Commenting on the unprecedented crash in oil, Pickering Energy's Dan Pickering put the crash in perspective: "From OPEC share announcement in 2014 it took 14-15 months for oil to break $30 (Feb 2016) This time it took less than 1 trading day. Breathtaking! Energy industry, welcome back to Hell."
Dan Pickering
@pickeringenergy
As I type, front month $WTI is trading ~$28/bbl. From OPEC share announcement in 2014 it took 14-15 months for oil to break $30 (Feb 2016) This time it took less than 1 trading day. Breathtaking! Energy industry, welcome back to Hell. #ValueOverVolume
125
8:49 PM - Mar 8, 2020
https://www.zerohedge.com/markets/panic-purgatory-oil-crashes-27-sp-futures-locked-limit-down-treasuries-soar-limit-amid