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WTI Tumbles To $43 Handle As EURUSD 1.05 Battle Continues

Amid the re-opening of all Houston shipping channels, comments from Greenspan, and yet another refinery shut (Exxon's Joliet lost power), it appears the realization that the month-long dead-cat-bounce is over in crude is starting to hit (and the rapidly filling storage capacity). Brent broke below $53.50 and WTI back to a $43 handle (close to the lowest levels in 6 years) at the open. One can only imagine the pressure on USO (Oil ETF) holders as the contango continues to gap wider. EURUSD is teasing the crucial 1.05 level again...

Tumble to a $43 handle briefly...

 

The lowest in the cycle (based on the April contract)...

 

And EURUSD is teasing 1.05 once again...

 

Charts: Bloomberg