West Texas Intermediate (WTI) futures settled at $44.45 a barrel yesterday. It is still trading under $45 as of now (about 10:20AM).
In June it was trading at about $108.
Is this good news? Depends on who you are. It sure is for consumers. And it doesn\’t trouble me a bit that it is putting the wood to countries like Russia, Venezuela and Iran, among others. But it is a disaster for jobs in the energy sector.
Where will it bottom out? When? No one knows. And no one knows that the ultimate fallout will be.
Let\’s all keep a very watchful eye on this one.