By most accounts, CRUDE OIL PRICES are still nearing their March lows. That would suggest that this version of ‘dollar’ turmoil might be yet working its way toward levels of disorder previously seen in that last episode. That is misleading, as even crude prices are appreciably more stressed now than they were in March. From that, it follows that other ‘dollar’ indications would also signal that wholesale conditions have surpassed those prior lows, meaning that we have been treading new warnings for some time.
It starts with the spot price of crude, which at $44.50 is a little more than a dollar above the March depression.
This post was published at David Stockmans Contra Corner by Jeffrey P. Snider ‘ August 6, 2015.
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