WTI Tumbles To $42, Brent Below $45 As Credit Crashes

High yield energy credit markets are in trouble again, with risk now at its highest level in 7 months.

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Despite this morning's Iran-hyped OPEC bullshit and a small draw in Gasoline, it appears the reality of surging US shale production and lagging demand is weighing down oil (and gasoline) markets...

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Since OPEC announced its production cut extension, the crude curve has crashed at the front-end...

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Macquarie's head ofoil & gas research warns...

• 'A WHILE' BEFORE OPEC TAKES BACK CONTROL OF MARKET
• 'HUGE WAVE' OF U.S. SHALE OFFSETTING OPEC CUTS

Brent crude extends drop falling below $45/bbl for the first time since November 15.