wti down another 2.3% today. it's currently at 76.95. year-to-date, up 22%. and it's worth noting that from a technical perspective, the wti is in they are more expensive than a near term income tax and the return of wti is certainly not helping the global sentiment. this is a cording to one of the research firms out there this morning. it will start to trigger exposure, that means hedge funds and they're seeking returns. that means there could be more forced selling. >> it does suggest there's a bit of short-term panic out there. now, moving on from oil prices, americans head to the polls today for the midterm elections. all 435 seats in the house of represents and 36 seats in the senate are being contested. the republicans need to gain six seats to win control of the senate. joining us now from washington is tony -- managing director at hamilton place strategies. tony, as we were just saying, it looks like the outcome is likely to be a republican dominated congress. does that mean that the outcome for the rest of president obama's term in office is gridlock

i looked at your calls for wti and brent.is interesting to me is if i sat here in june, they would have told me prices are going higher. what has changed? >> i think there is three key issues that have created this recent downdraft in prices. first is concerns over global growth. it is not so much demand in the global environment, but rather it is a downgrade in the forward outlook. that is the first point. the second point is, we have seen significant increases in supply. look at u.s. shale production, is continuing to surprise to the upside. each year, year over year growth in u.s. production is larger than that of libya. the united states is creating a libya every single year. the third point is, when we look at the strategic case facing saudi arabia and opec against the shale environment, we should expect to see opec be a second mover. when we look at the downdraft, i attribute it to that people recognize you are unlikely to see a cut in this november 27 opec meeting. >> we will get to opec in a second. production keeps s

st, a wti f o cncto t gay miat. fl? wh ithmeagtohe ho t jrnis wldsk althpeleerpuin emlv fwa aa esenalanda iwh e'reoi tdof ecd esen ho 'reoi tgea od cora angheredeia caides ife , erisoi tbe odhae r e op t teirtlonhiorr. anyo >>ha y. wleospelei n' y erod s tres sutaiadigrme aut e stayo drs is obm. inoect atrede oba auprt oth eaac e eaachabe bug a dat ivaoufos ov ser yrs- fo bo hseofones--nd itaseerect eryim ineaofoi t tghork ofngintrt d gang inegiaon t psint s cid gitlo by imemti badwas t eaac ttg idthsutae e ese's lies- whh lee oer--hi isro a ise aer ngoupredt. ilthpridt s oa auory thescto ren fas d tial seri, h f me mid thitwh icos desc fas. rtullyhecore h spenbo aarcur su iotompmeinth pn, e esenfaedo knlee e game o core. 21,rede omaai athedeofoi tngon mywns ryemin t stn miatn fo. t ats t w r st wos. inar oth yr,efe iviotoha mti, waasd etr wldra teory at tuncunt udts heesnd, e esendo noha t ahoty. fruy t arn goleanuteson pridt amsa t pbl , u owi'thpridt t utestes 'm t e per t unedtas. j itoxeteheaw th a pse a cgrs s

wti certainly getting hit hard. for a lot of the players here, whether it is investors or industry players, it really means a lot more hedging and watching to see what they can do to control some of this volatility. for traders, in terms of the wti price, they'll watch to see if we can old that $67.75. after that, there is not much support. looking at $67.12. that was the last time prices were that low back in 2009. back to you. >> thank you, bertha. >> a major disinflationary pulse around the world. >> we go from cartel to competition. nay-sayers say why does the u.s. want to produce oil? it goes on the world market. won't bring the price down. think again. it has. in terms of disinflation, inflation numbers in europe were about as expected. who is going to raise prices when unemployment in italy is over 13%. if you want to know where interest rates are to go. it's about the spread. 150 basis points. boons are at $70. look at the intraday chart of 10s. what's the low yield today? 2.20. that spread remained constant

concerns about oversupply pushed the wti index down to below $74 a barrel on tuesday. that is down about $2 from monday's closing. >>> let's check on how other markets are trading. share prices in tokyo opened lower. analysts say the oecd's outlook for the japanese economy is weighing on investor sentiment. the nikkei still down by a quarter percent from tuesday's close. some investors are selling major exporter shares as the yen is slightly stronger this morning. let's take a look at currencies. the u.s. gdp figures were higher than consensus, but traders are still trading the dollar against the yen. the euro is stronger against both the dollar and the yen. robust business sentiment in germany is prompting traders to buy the euro. taking a look at other markets in the asia pacific, south korea's kospi, down by almost a quarter percent this morning. let's see what's happening in australia. the benchmark index trading up up 0.99%. i'll be back next hour with more of your headlines in business. here's a check on some other markets. >>> nhk conducted a survey to find out

wti was setting lows for the day as well. we're seeing the oil stocks really take their toll on the industrial average now. >> and the s&p off by 6 today sets the tone for the rest of the holiday shopping season. for many retailers, though our next guest last night was focused on. >> many things. >> let's ask him what's he's focused on. at the tanger factory outlet centers. steve tanger joins us. we're looking at the traditional mall here steve. what about the traditional outlets? how do you do on a day like black friday? is this bigger for you than normal? >> absolutely. this is the biggest day for the year at tanger outlets around the country and canada. consumers flock to centers. starting at about 6:00 last night and the values are just incredible. i've been listening to your show. and people will respond to great pricesal where they have total and complete size ranges and the same quality as in other retail distribution channels. but at significant savings, anywhere from 50 to 70% off. >> it was interesting to here simia

. >> i want to get your take on oil because we did see a crush into the close today at wti.e me your call on where wti and/or brent is headed in the short term. >> as i -- last week i was quoted as saying that crude was going down a great good deal lower. >> you said like whale oil to be exact. >> i think it's the end -- i think it's the end of the crude oil market. i think crude is going a lot lower. i think it's a supply circumstance. the term structure continues to act bearishly. we've taken the year spreads in crude oil to a contango. it was only a short while ago -- only actually yesterday we were at a backwardation in wti. brent is already at a huge contango. it's telling you there's more than enough supply out there. >> we see 70 in wti by the end of the year? >> we're going to see lower prices. they're going to be -- >> lower than 70 by the end of the year? >> i doubt they'll get below $70 before the end of the year but the trend is from the upper left to the lower right and it will continue to be that way. >> got it. dennis, thank you. dennis gartman of "the gartman

wti falling. you have to go back to may 2010 to see prices like this. the number to watch is $67.15. right now, down by about 6% to $69.32. well below what we've seen at this point. if it fell down to $67.15 that would be the lowest price since september 2009. the cartel deciding against cutting prices. first, check out some of the fallout to this route in oil prices. you'll see exxon, chevron, bp all trading sharply lower this morning. bp down by more than 6%. the global equity market taking note of this dramatic fall in oil. lty at this point, dow futures would open by 35 points, s&p down by 4 points and nasdaq is up by just over 5 points. in asia within up by 2.3%. shanghai composite closing up by 2%. hang seng is relatively flat. trade in europe, maybe some of the oil taking its toll there, as well. the cac down by more than 0.5%. the ftse in london down by 0.7%. steve sedgwick is standing by in london. he is just back from that opec meeting. steve, this caught the markets by surprise. >> yeah, becky, we were talking about it in the hours beforehand

and uk. >> wti crude trading below $80 a barrel. why haven't we seen the equity market respond in the price drop we're seeing in oil? >> the fed has tapered in the asset purchases. we know the ecb is just getting started. there is that question of if this is boosting consumer abilities around the world, it could get us into a positive market next year. low inflation and strong growth. >> and you also have to remember this is playing to geopolitics within the region. so saudi arabia, they have no problem seeing iran take a hit or russia take a hit here in terms of prices. this ultimately has to do with what they want to see happen in the middle east and this is not for them, this is about isis, this is about come nabs in the region. this is about taking on the assad regime. it's not a bad thing for saudi arabia. >> i think the bigger front lines of how this pans out is emerging markets. someone in the central bank needs to step outside of that. no one is perturbed right now. >> we're going to leave it there. hadley gamble, that you c

but here the rules the day is wti. traders are focused on three events. obviously the opec meeting in november 27th. prices want to go lower. >> brian, the spread between brent and wti closing in. what do you make of that? >> well you know what? maybe trade rers just placing in the fact that united states of america could start exporting oil. and that's a possibility. we saw a little with the bhp deal. basically the lighter version of krooud to export. and maybe if the oil gets cheap enough t u.s. suppliers that are pumping oil from the northern part of america need somewhere to go. and the drums are filling up in the south. they got to ship that somewhere. at least the market says maybe we we start to export. >> in the meantime a commodities and oil are going lower, equities going higher. we're talking to tony dwyer, he is going to tell us where he sees stocks going. all online futures.cnbc.com. >> we'll be there. it's not often when cnbc's resident skeptic raises the green flag on a stog. mr. negative. mr. glass half empty. that's you. he's here with wh

wti below 75. and s&p 500 losing about four points. shares of netflix slipping after getting downgraded to hold over at steefl. remains positive long-term but wants more clarity on domestic. and shares of the pandora slipping after fdr capital markets down gradying that to stock. they have an $11 price stargt on pando pandora. >> apple's fourth quarter clearly shaping up to be a good one cyber security experts expecting a surge of credit card thefts this holiday season. and the top company of the year according to, inc. magazine. markets have humbled after hoois taking a hit. this is a burrito made with chocolate, soybeans, and apricots. what kind of chef comes up with this? a chef working with ibm watson, on the cloud. ingredients are just data. watson turns big data into new ideas. and not just for food. watson is working with doctors and bankers to help transform their industries. today there's a new way to work. and it's made with ibm. >>> apple's jump above 700 billion in market cap highlighting what is expected a good quarter for

price which is obviously weighing on wti there. >> they are giving oil away.he best performing stock on the s&p 500 right now is tso. a lot of people say lower prices, bad for refiners because they will buy it cheaper but margins might get squeezed. tso, the single best performer on the s&p 500 right now. >>> time for something we do every day at this time, "street talk." the first one is getting cut to sell. >> their target is 57.50, about 15% below current price. results did not impress main street. guidance was conservative. stock is up nearly 40% this year and analysts saying the results, the guidance didn't justify the move the stock has had. >>> moving to dairy with dean foods getting downgrade at stevens. >> stevens saying sell. this is interesting. dean foods likely to trip debt cov nns this quarter and that creditors could force dean foods to suspend the dividend. their target is at 12. the stock is at 14. you can do the math. you keep in mind morgan stanley upgraded. >>> let's take a look at upgrades. let's look at the flip side. legacy reserves bein

wti is down 1.80 at this point. back to you carl and the start of "squawk alley." >> jackie, thank you. it is 8:00 a.m. at dream works. 11:00 a.m. on wall street. "squawk alley" is live. >> the transformers theme from the 80s on this morning. the dow is up almost 80. russell not playing along as much as it has been in the past. henry blodget this morning. kayla tausche, jon fortt has the morning off. speaking of the transformers, the brand and shrek may be under one roof. advanced talks to buy dream works. though an exact price is not yet determined. shares rallying on that news. jeff catsen berger reportedly seeking more than 40 dollars a share for the company. a lot of questions about what this means from a business model standpoint and relationship with disney standpoint. >> yeah, not only disney but there are questions about who exactly has bro is trying to emulate with this? disney? nickelodeon? lego. three more movies partnering with the warner brothers on that front. interesting to see the stock only rally ab

ll rhtowi lie e ngss, std wti f ty n in rermacagn.yreotoi two o it t psints ti n, 'a odat rede d, eyre ppedo rkn a p evytngacin pka. iwi he hay di a wereertoor two rdtoakca oou miesndeniturrids d fil wt ba lpo is uny. 'a eanaon ho: fm repoouia onurabeplins caer wt amdiwastk ni ithcotiti o thunedtas. anso o t arin op. 'rely s d i ari analthe moat heeah reaw waa ldceiendowe lyg ialhean tdo g ves f t mics congvethboer i's l oupoti. iika d aanox u yherede iacng ait e nstuondoou nto s t psint pehe caer y, wod veo e m pce i veald vietr,y prentis he,nd td emo peh st e veme dn r o ar whev iwi te st mownt hge o o ofce ghno t arin op aronheop a war relyufri o he. ds narabt e eraneoe. ho: t psints amic ciz sweilo cisanaingn lama tyklom a o le r moatgo mni. ll y he io le th w he ia athe arspki aut lemeelyoomhi, am stnc doct t thha thpridt st d, ry sein seouy dbthai ll teoremra amo. i'snbiebl ifneloenwamae e rct,h's ne he op he atee jo. the e unchdr tt edob wh iasoueri rk a dol's ri t sme rit w,hei t lvtoorors cis, ce g o oklomgo io buerinor meint

it was at 76 last i checked on wti. walk me up to next week's opec meeting. >> i'm expecting they won't cooperate. they will talk a great deal about it but won't cooperate. i think just as several of the guests on the show earlier were talk about retailers not willing to give up market share anymore, willing to take lower margins. i think you will find the same thing in opec. it is not so much the cost of producing. it is what they need for their promises through the treasury and social giving, if you would, from the government. >> art, will you leave was a level to watch? >> i would watch right now brent at 80. if it breaks below. i think you could see the market begin to give up some of this gain that it's had. >> art cashin, we appreciate it. have a great weekend. >>> joining us now onset, kara swish her swisher. we have to talk with amazon. you might be booking your next vacation with amazon. according to reports they have been working to start a brand new travel department and apparently the service could launch as

wti $77 and change. and west texas crude i'm talking about in west texas, not west texas intermediate, it is 72, 73. so we are feeling the pain right now. when you feel the pain you will cut your cap x and the drilling will slow down. >> isn't that the whole game? isn't that what the saudis want? they want us to stop drilling. are you saying we should just do what they want in that situation? >> i don't think that is their strategy at all. they don't want to cut the price. they say they need $90 a barrel to meet their social commitments and all other issues in saudi arabia. you have venezuela over there. and the saudis are going to go visit them next week. no, i think what is going to happen is saudis are going to try to force nigeria, angola to cut back their production and everybody will struggle with it. you are getting ready to have a huge -- october you caught the lowest month on demand of the year. and november/december months have high demand. so you are going to get a real demand for oil coming u

some traders telling me wti could go to 77. if we don't see the supply cuts we will see a major leg lower from here. back to you. >> thanks. >>> just eight years after the first flight took off virgin america going public with an ipo. shares soaring on their debut. the airline sector, one of the top performers this year up 35%. check out individual players we are talking about up anywhere from 50% to 100% for the year of 2014 so far. phil lebeau taking flight for us today in chicago. lower oil prices certainly help. >> definitely help. what a rousing debut for virgin america. a number of people say it went up because the airline stocks are all going up. it does have advantages that the airline was talking about as it decided to go public. it has the youngest fleet in the industry. average plane is 5.6 years old. they have more planes on the way. 40% of the revenue comes from business travelers and has highest average fares when it comes to business class. that is an advantage that ceo plans to exploit over the next couple of ye

wti hitting levels earlier that we haven't seen since september 2010.et to jackie deangelis. what are the numbers? >> in the close 7595 looks like we are settling for wti. we are looking at brent prices at 79.51. can't break that $80 mark there. traders telling me they expect to see more strength here because we have been beaten down so badly. this is technical buying. nothing has changed in terms of fundamental picture. all eyes on the november 27 opec meeting to see if they do anything about cutting supply. right now there is a global supply glut. there are rumblings that there is a lot of infighting between members running around, a lot of inside discussions and conversations. while we think something may not happen on supply on that date in that meeting it could potentially and that is why that meeting is so critical. the technical buying was so strong it was bucking the trend of the smaller dollar. traders saying we could see it around $77 before we take the next leg lower. if it doesn't act we are going down from here. be prepared for that, as wel

we did turn positive on wti, 77.46 is where we stand now. let me recap what we did earlier this morning. we did dip to 76.42. you had brent price. a couple of things the traders are talking about, they are talking about the strong supply out of the u.s. we are going to get another inventory report from the department of energy on thursday delayed for the veterans day holiday. we had strong builds for the last few weeks. the dollar strength has been a problem for oil, as well, pushing it lower. some traders telling me they think there are too many bears in the trade and think we could pop to potentially the high 80s. you have the other side of the coin saying this thing is destined to go lower. i just got slipped a note from a trader here saying $75 crude oil by friday. we do friendly wagers here on the floor. he is going double or nothing. i have to think about that carefully. >> thank you very much. >>> if somebody asks you what is the third most powerful stock rally in the past five years? you are going to answer that it is this one and th

alte rulin 27 at ttainpot e iesgaonys i shedy toaksndls ts >>ustoo bk 24 anheti i wti. t mise mcotien t ind 01 so i20, b st etr nsahaitaswa o th tataiband hda rell ofoue s w dvi amw buth ihareiv cuntiofr tat incanghabmvecl reotffte ocen w oved wee ckn 13 so'mskg scicay abtmw anifou d'tnoyoca se io ler b iou keo owhadomeatn s pvid mw authe siatn. cae eyolnia tt th kw outhe obms wi hdaecls b ty haecve dumtaonro tatandatg atmw vecl we t feed sat, c cfine thg? ith dves deir g? ielvehahiishe drer se. s. y. lemensr f t btn at kw. bedn atno weo t ralf eon hiest tt mends mim odseto cd.ithinat it t dl agrir' denfte athati, tmwth fler spld tmw issd. e pf isonruio ruorf e ilar. itoo t se omurid butheifree om pi d odedn ncein t'thmarean,s thsdwa rald. bute sw tth b tt e da 4s diert ruur >>o enidou bomawe athe weroemwi emw --irag >>'mor i n filr. dot owhe auaat tnkou jt t'clr evyby, wt 'r tki abt hiishe serg dd oth serghe. ishenfte d fs ithe. d enhethe iac cu, t eloons suos tco ts y buase idarer ith plivfoe t gatt ea o ts ta a t tasttsomg touhe mile evy e s tseang tae he d cstues fe

bring up a board of what wti is up to currently sitting at 76.99.t was interesting was the saudi oil minister came out and spoke and has been very silent through the crude slide. he finally spoke publicly today saying there is no price war. it's the market that sets the prices. we want stable prices. that is good for everybody. i don't know whether that is true or not. that is what he said but it pushed crude lower. >> we don't look at brent crude much. i will trump your excellent stats. brent crude falling below $80 a barrel for the first time since september of 2010. it did a trade print here at 79.88. great job. slightly above 80 now but did dip below that. brent crude being sold off. good news for the global economy unless you are an oil producer. >> good news for gas prices, as well. we are not quite yet on wti at last week's low which was $76 a barrel. we will see whether or not we continue sliding. big meeting at the end of the month. coming up we will fight about retail. it will be bad. tdd# 1-800-345-2550 [ male announcer ] your love for tr

wti figures down 30%. 245 they've dropped to 70 a barrel lowest in years. this will be the first time they've lowered since december 2008 when the global financial crisis caused demand to fall. >>> new jobs data out of one of the biggest economies. the unemployment rate fell to a record low. the news boosted stocks in frank further. dax up 11%, 11th day of gains. in london, ftse is flat now. investors have been somewhat optimistic expecting more stimulus you are manies from the bank and keeping a close eye on the opec meeting. shanghai composite gained to reach its highest since 2011. nikkei closed second day low in a row. checking on the bond market. japan's jgb dropped to lowest in one year and eight months. some japanese institutions are buying additional bond bonds. the dollar is around 117.49 to the yen. earlier it was in the upper 117 range. the falling tokyo stock markets put pressure on the pair. euro is moving in a narrow range against the dollar. roughly 1.2475. traders are having a quiet day. many are off celebrating thanksgiving in the u.s. >>>

the benchmark wti futures index fell on tuesday to the low $76 a barrel. that's the lowest level in more than three years. oil production has gone up in iraq and libya, too. traders in the markets suspect that global demand will be sluggish due to an economic slowdown in china and elsewhere. lower oil prices lead to cheaper gasoline prices. that's good news for consumers, but if oil prices continue to slide, u.s. energy firms could start to cut back on their shale investments. >>> now, let's check on markets. shares of japanese major oil companies are falling in line with the decline in crude oil prices. tokyo stocks opened lower on wednesday. the nikkei right now trading flat, 16,865. some investors are taking profits following the surge in shale prices over the last two trading days. that's after the bank of japan's unexpected extra stimulus. many in the market are avoiding active trading ahead of key events this week like u.s. jobs data. the dollar is moving in a tight range against the yen. some are buying the dollar following the monetary easing. othe

mef emavbe wti lg 2yes. quifd,eg iignt itg r eichceo meo it ste d ad twa u thpar ndhe t op whju t le e l ttg rkutritis. d a sllaingn neecseheha a nurillliteimgrio syemsoe e itg r r an tgelell imgred o t fl? wh ie platnsn em i pethjonastwod k l e op we ttg thseesorrd esenalanda iwh e'reoi tdof ecd esen ho 'reoi tge go ctrt onth pridti cdite wdothe gngo go cncfothpeleo teirtlonhiorr. anyo >>ha y. >>hi mt op, wa t erisubanal digrme autheeswa toddsshiprle inoseethapridt amis spoerf e eaac buthdrm t s en out a dat i erevals yes--efe thus o enre - a iha rect eryim wo dngheou eagg usanengi nottis,herede too itlo b ofemti badwas thdrm t. ttg idthsutae e ese's lie-- whh avtoths--hi a ry a ise daers ecen esenhabrd thitwi rpe t fas d tial seri, h f me mid thitwh icos desc fas. rtullywh cgrs s ok aut ptilaise. th ompme i anthesenfaedo knlee e game o core. 29,rede omaai in t ia dng mowiserteti. noju oimgriorerm buth inow r st rk mchf atea bora iviotoha mti, wod whhehe anteory at t uncunt sdes. heesnd, e esen t veheutri.

st l'trto g ion mo cl awere wti. dbo 5mite sak boneisupsetoomou rede'aut t anunme fm stig. t'goora w iwain inou cola o le r rubca -onurin foilgammras, fnks reblan go o, an caer:esthk u r ki mca. i he quti a aomnt me. st o fnkgohe. m qstn , f asy mor t cldn uocend, t cizs nt tuncunt pplin - ieas u. tin jisctn. e t ptes t te tilaso alet lel sint w y me rungn won atroesheorr go bk dsatan trs boma s.iten thcaeritlr he4tamdmt. chd rnn s.oiis itentas e the nreiren tt e res ahi o oth cotrha laltas,o inbo ithunedtas nfs tinsp. ats ve cede tt id o iigti pic an ls reces thid othamy cle mi, res,hire ous,haisheriip toomexntha t prid h bedisctn , icishae,s eran aald, o ls, r miatn st ibad on filanfalyni, d hectn sin tt the e s.iten lel sinthirein hoehd,ho pen sul ha t beff is otti fm dortin orr kp miesoghe ho: dis mssr aenr ll athmiatn li inite wel te ural a y n inheonrsioon fabo a itr. "whitojona le 00.masrnn sp ts wke oc-an sard a:3p.asrnn e mmicor t, fnd c.oofisloton eioneson listi edtowhhsedaing d ticintlinc d nd eniewery veor cishrtitas thew ect gerrsn ei pitalomac tuayig a 100n ok

we're looking at wti well under $75 a barrel.he lowest levels that we've seen since september of 2010. brent hitting four-year lows today, now under $79 a barrel. despite that bullish report that we got from the department of energy this morning, we did see more selling pressure towards the end of the day. a couple of reasons for that, the first would be, of course, opec not making any moves to talk about supply cuts. no one's really expecting that out of the meeting later this month. and also, u.s. oil production as reported by the department of energy, 9 million barrels a day on a weekly figure for the first time that we've seen that, actually, on an adjusted basis since march of 1986. so this is really significant. to give you context for that 9 million barrels a day number, take a look at what saudis producing is a daily basis, 9.6 million. and we are getting very close to their production. supply here in the united states in very good shape. that's one of the reasons we're seeing these prices decline. at this point, of cours

car steonas cid nomanghe meecl r ssgesi airbag >>haisasn eat wcaswcho tt ar beusweidot wt bin pitn wti f anheruur wpuedhe tendtr a tatto anbas t stn e feedegnsutllve thcotr ts? a y tdo kimsitngvehe. r dd a ssgesi aba aidt. sowh dyo tlimnd r mi auterer ste hoevyo ee' ster sti itham paenr atn hies ro t cnt, veth fa tt m s ster sier y t pseerid aiagnobeg rald? r stewadrina ba th tat abain nohu ste whotss ttamrell deas rul f ery ssgesi abaas wl? yoor- at so th ithfit'veeaf urccen ea, t t dai. wa tkn wt ppedo urisr. iantt tge wt ppedo urisr. anetnfmaonro yo oextlwh hped weanetmi ith w a aiag pte tse tse reon tt u ulhe he arinso ke emlv ithe'at weilalysolwheat weilfoowhenfmaon th iwhweusth aumarso sthi ac sat, w i who iorti, e fe a ruis to a bad iorti aut rk. onfmaonbo a skutdeho aasth t n ae or aumarso ca osi t vaou in suaon- h- wt ureottily in iid ral who t da, ipuinsoo's fet sklid h stewain azo. gs to10 dre i t suer atarou bdreno utrnalora,o xe dreno fri. yodootnowh a o the mi mbe a gng bdog. clde ud r ats ldndak tanheste. itee tmehayo ath tcy cefshld e o si osatykninth the hiesovfr ste s

all the way down to 76.66 for wti.is something that's going to move a lot of different markets today if we continue to see these pressure. >>> seema mody joins us now with a special star in dublin, ireland. she's there covering europe's hallmark tech event. seema. >> that's right. we've been speak to go several entrepreneurs as well as tech titans about whether entrepreneurship is the answer to europe's economic woes. we've also been exploring and discussing technologies that have been presented here at webb summit and the important role it plays, not just in corporations, but to media personalities. we're going to bring in eva langoria, a well known media personality. thanks for joining us. >> thanks for having me. >> how important is that to you as a media personality and in building your brand? >> well, it's absolutely important. i mean, when they asked me to come here and speak about my philanthropy and my entrepreneurship, i thought, that's so great because i've always tried to unite the two and the way you do it

i think if they cut by 500,000 barrels, the view is that around $75 for a wti, you're going to see about a half million barrels gained next year in shale. if oil prices are down to 60, you're going to see nothing. so they are ready to wait this thing out. i don't think you're going to see a huge shock. having said that, we priced in so much negative news here and i don't agree with brian that china is going to stop the demand cycle. it may not be 9% or 10% what it was ten years ago, but i do think you're still seeing incremental demand. it's slower. i think this is a case where opec will take something out of the market and the market will rally a bit. >> i think they're going to change the language up. we're going to start to play fair. which means instead of oversupplies, which they normally do. so i think they're going to use that terminology. i don't think they're going to cut. so i think this run-up that we're seeing of energy stocks on this china news i think is probably going to be sold next friday. now, does it ramp up in energy names going into year end? i do believe that is pos

wti crude fell below $70 a barrel, now near $16.d not have believed oil would be at these levels. $68.ar up coming into the city for $21. one was the last time you saw that? >> the implications are interesting, from what happens in the holiday season to the equity markets. energy stocks are the only group in the s&p that are down this year, by about 4.3%, but they are not as heavily weighted because they have come down. they account for 9% of the s&p. the tumor discretionary, almost 12%. if you look at the relative boost that lower gasoline prices can give to consumer discretionary versus the depressive effect on energy stocks, you may come out ahead. >> one of the big goals here of opec is to lower prices so much that it affects gas producers here in the u.s. because it may not be profitable to frak and drill wells anymore. >> we had the oil analyst on earlier who said that she could see prices going down to $50 a barrel. >> it is so low, it would not make sense to all of the fracking. >> i want to bring in david global asset manag

wti crude now at its lowest level since september 2010. down about 31% since hitting a high on june 20th. speaking of commodities, industrial leaders were discussing the drop in crude prices. she spoke to an ambassador in the uk and asked whether lower oil prices could hurt investment into the country's energy sector. >> if you ask any oil people, and i try to, what the projection is for your prices, they won't tell you anything because they don't know. but, obviously, there has been many figures playing out. there has been a reduction. but, you know, we're not concerned about that. to have investments in many new oil exploration fields around the world. certainly not -- >> petro bass is, without with a doubt, the most recognized firm around the world. how difficult are the allegations surrounding petrobras affecting your company around the world? >> they have much to gain and to lose. so they are committed to making it work. so it has not really make it any more difficult. i'm sure save for this. >> do you think it will call for greater i

maybe oil's wti, bottom? >> might have changed sentiment. >> more so than just straight energy is way to splay a through that caterpillar or the joint global. you see money coming into the minors. look at joy global down over 10% year to day popping in a big way today. if this china news can get momentum joy is a great way to play it. >> they have such structural problems though. why not go to one of the industry leader in a cummins engine or pack car which are doing a good job. joy global trades purely on china and they have mining structural issues. >> kind of the point though if china is going to rally. i would be buying joy. >> caterpillar up 4 and a half percent today. only the fourth move for that name since the beginning of 2013. i this think this is signaling that big money wants to own this. >> you agree free port right? fcx? >> it's just gotten hammered. and i think free port's energy component makes it more interesting if you think energy is going to bounce. but watch out for opec next week. >> pet

i want to show you the wti, the west texas inter median contract and the one here in europe.oes to exemplify how consumers will feel the impact of the low gas prices almost immediately. it takes longer, john, for the effects to filter through to us here in europe for all sorts of tax reasons and so on. i want to leave you with the positive lasting thought for the day after thanksgiving. every 10% decline in the price of oil actually adds about .2 of 1%. this is good news for the economy and consumers as well. not good news for opec producing countries. >> good news for the united states. it means money directly in consumers' wallets. great to have you here, nina. >>> pope francis arrives in turkey. this is historic. the fourth time a pope has visited the mostly muslim country. one of the most delicate missions so far. the pope hopes to open up dialogue at a time of increased violence against christian minorities in the region. >>> weeks after kim jong-un, it appears his younger sister is taking a bigger role in the family regime. local media reports that kim yo-jong has a sen

right now prices are down about 2 and a half bucks on wti.t happened yesterday is the price cut from saudi arabia, triggering a lot of the technical selling here. of course a lot of traders eyesing the opec meeting on december 27. thinking they may unleash a supply cut but doesn't look like that is the case. looks like they are start tag price war here. really going to try to force the hand of the u.s. producers to cut that supply. on a technical basis we were watching levels around 7.50 but broke through those. also remember you have a very strong dollar. that is going to help us get down to the levels. potentially the index is very significant. traders also talking about the lifting of the export ban here in the u.s. that needs to be a conversation on the table again because that could help release the supply tensions and glut we are seeing here. right now a lot of action in the pits. let me recap prices for you. 76.29, down 2 and a half dollars. >> some of the quotes made gold man's call for $75 downright bullish. but a wild move today cer

we were up 2.2% on wti. finishing at $75.82. brent, $79.41. not able to get through that $80 mark there. i do want to point out wti down more than 3% for the week and actually it was its seventh weekly loss we have seen, longest losing streak since 1986. significant here. technical buying driving us higher. really, the fundamentals here in terms of oil supply situation haven't changed. and of course, the big question out there is have we bottomed? consensus seems to be, no. traders think we are going lower from here and seeing this technical movement to the upside before that happens. i just want to point out that the deal between potential merger talks of halliburton and baker hughes. some people are saying that the talks could have been in the works for sometime and that may be indicating that even the companies are now forecasting steeper oil price declines and why they're looking for consolidation. a theory to consider. back over to you. >> that's true. thanks. sal, what is your reaction to that? how big a deal of this potential tie-up? >>

wti at 76 doesn't make their world a lot more painful? >> it does not rock their world.at's what you're asking -- >> that is what i'm asking. >> you got to go through the eog. eog is not producing like in saudi arabia, but the rest of the country, they're one of the lowest-cost producers. with this straw, you hit oil. you stick a straw in the ground and you hit oil. that's how cheap that is. eagleford is much better. you go over the eog call if you want to know why the stocks are up. they're machines. american technology has lowered the break so much that you see these companies are making a ton of money. people are reluctant to short them now, knowing they can make so much money. >> might not be a good idea to short activision. 23 cents beats buyy a dime. they raise on the full year. >> "call of duty." >> "world of war craft." >> how much do you get paid when you playing "call of duty"? did they raise the minimum wage? >> some states did pass minimum wage. >> if i play "call of duty" in those states, do i get paid higher? >> dow is up 93. this is a new all-time high for

. >> four-year low for wti which we'll get to here and the "closing bell exchange." mark spellman joining us here at the new york stock exchange. amy wu is with us. john manly. kenny pulcari and our own rick santelli. why isn't the low on oil putting more downward pressure on the stock market hand it has? >> i'm on the opposite side of the fence and thinking that lower energy prices is better for the u.s. and global economy and why aren't we seeing that disconnect? last week at 80 and ready to break, everyone was so nervous the market would break and the market hasn't broken at all. i think there's a conscious disconnect. the broader economy, in fact, may be a boom for not only the u.s. economy but for the global economy. >> amy, what do you see in the markets especially that you cover indicating about the direction of the energy space, commodity space? are people thinking prices are generally heading lower or seeing bottom fishing here? >> it's funny, guys. you would historically see the seasonal part of the market low implied volatility but looking at options right

we had wti crude a little higher than brent crude. brent is the international price for oil. and brent crude is very much in bear market territory year to date. opec producing way more than the world needs at this point. and with other players like the u.s. and russia, out there producing as well. now opec doesn't have as much influence. only 40% of the market. they needed to cut somewhere, at least a half million barrels a day analysts are saying 1.5 million would be more credible but that's not likely. some reports from russia say russians are willing to cut 300,000 barrels a day if the saudis and the rest of opec cut. but when asked about a cut at the meeting this thursday arriving in vienna, he says, you know, we've had oversupplied markets before. that's not unusual. >> thank you very much for that, bertha coombs. we'll bring in john, our cnbc contributor and founder of capital bank. you are not expecting the counter production. >> i am not. there's been a lot of shuttle diplomacy but i'm sticking with it. it is just not there. >> yeah, but you're getting the pressure fr

and wti to drift a bit lower as well. maybe in the low 70s. based on the fact that we're just pumping too much oil out of the ground right now, the trader that is i know are essentially neutral or lightly short. so they are betting on that relatively small move. stay within $5 give or take. however, there is a surprise upside scenario. and that holds that the saudis and/or others surprise with us a big cut, a million barrels per day or more. and brent absolutely rips on friday up as much as $15. now, if that happens, that could catch a lot of people by surprise and obviously it would be a particularly volatile day with people on vacation and whatnot, a little less liquidity in the market. but even if we have the bullish surprise move, it's not expected to last terribly wrong. bearish fundamentals, sue, but a lot of leaks here and there. and it could be a while. >> kate, thank you very much. we appreciate it. kate kelly reporting on that. >>> now to ferguson, missouri, where we have scott collin live on the developing issues in this particular

. >> do you have a view on where you think the floor is for wti? >> no. i've been doing this for a long time. and i think -- i don't -- i'm not investing based on my view of where the commodity price are going to in the near term. i'm investing in which companies have cost advantages relative to their peers and who can actually grow through it. when i look at the history, go back just a couple years, everybody was bearish on gas in 2010. but selling all the gas companies wasn't the right call. the right call taet at the time was to own the companies growing production aggressively because they outperformed not only energy but the market. the companies growing production profitably and in essence driving down the commodity prices are poised to win and outperform. >> thanks for coming on john. >> thank you. >> john dowd. >> those are great comments and the analogy to the gas market really is -- really is compelling. because that is wha exactly what's occurred. too many are focussing on the spot price of oil. but that relative to the xle are completely diffe

wti ia rin ouli fndennt caer gd rng r miueioisbo t enrcenspt r b im t ref iss gaor t,utroannfcent anoi, e ts i t pteiofr mo a iegs cae nn rsoblel nly ottea gainvial omnehaisllnd -onth istl sslyubcto poatn. seelel foemt -wealabt g mbs,utowou ts ok t seelel? ctalyiv preconrodertioto gupitn e auoredopatn t noeavebo whi t unthiz pulio ase idarerthe e obly1 lln op i thcotrth a unthiz. isctn ulafctp asanys mli. atti lve aar nbe ofeoe atreot pteed . no h ty ulco io ntt thhenfcent st wld bn cole ys thou ce toonct thhenfcentys thug elor foemt, rnsnc b me ke beusth wldav coitd crin a oso kind wldavbe arst eheatheedal veort e atlelif atasn re a a nvti athste d caevthinrmio abt tt ulco tth feragornnt th gdeneth a bng su a heeerene unr e esenwahe ti, ici inwi prab g se dion diusonn e mi d arineang fusg dertioofeoe th imalacrods swh w wie ei ia ntuaon d dpeng othtrds atrelrdynla, ic isea eorme ath sohwt bdelae arof e poatns ourngo evt op fm osnghe utes bde a tt en detouyemalfr t teorf e uny pelehorerina. a t tse pplwhar crins e op tt ve niederng steesn ste d capron a edal tne or thits r poatn cae ei

they have universalally short wti and some folks i know have a 60 dollar bottom they were calling as recently as a week or two ago. even lower prior to the slide yesterday. recently people saying they could see the $50 range. brent, global crude oil. in the domestic market people are almost universally bearish. at what point does it become uneconomic? $75? $70. we had the chief commodities analyst on our air friday and their research suggests at goldman that $75 is the key point. we touched that range intraday today. it is worth noting exxon cut cap x on friday morning when they talked about quarterly earnings. >> i want to squeeze one quick question in for greg. could some of the smaller highly leveraged exploration and drilling companies be imperilled at these prices? imperilled perhaps, challenged for sure. they bet on oil as opposed to natural gas. they shifted to oil figuring it is a global market and no way prices are going to crash. >> thanks very much. kate, appreciate it, as well. dominic chu doing double duty, has a "market flash." >> the four year low is a boom for airline

ma lower oil prices, estimated 75 to 80 bucks a barrel in wti, that's when they reduce activity levels saying the thesis of our production growth and sustained dividend growth in the resources just no longer valid with oil prices falling, and they are back on friday also said they plan to cuts their 2015 cap by 50%. >> that's a lot. 5-0, that's a lot. this is one i seldom talk about. this is more than a billion dollar market cap company, though. >> interesting thing. i looked it up: i had not heard about it, i googled 9 the market cap because it has to meet a certain threshold, to be on "street talk," and it did. raising to 40. bullish. stock is at 14. raising the target to 26 from 226789 soaring today, up 35 % on interim data showing that the drug maker's brain tu mar drug not only shrank the tumor, but improved survival, what you want to see. >> that's right. okay. now to talking numbers. talk general motors because today, folks, is the fourth anniversary of gm east ipo after the government bailout. a recap, a rewind. since wureturning to the public market, the stock is down. not a h

wti is up 76 and change. brent, nat gas on the slide in the red. the big question this week is whether opec will cut production when the group meets on thursday and if not how low can oil go? our next guest is making a bold call today, that energy stocks are near the bottom. raymond james, the analyst behind the call, joins us on the phone. welcome back. nice to talk to you. >> thanks for having me. >> that's what this is, right? this is a call on the bottom? >> it is. now, to be clear, we don't know what opec is going to do on thursday. our sense is that it will probably not be a cut or certainly not a sizable cut. you know, which means oil maybe will have one more leg down. after that just about all the bad news in the oil market is going to be priced in. so whether the bottom is, you know, today or thursday or next monday, it's very close. i mean it's close not only in terms of timing but it's close in terms of magnitude. we're not looking for another, you know, 10 to 15% correction, maybe two, three bucks, if opec disappoints, but generally spe

if we look at wti, which is the west texas intermediate contract, natalie, this is the main united states contract. remember that over in the united states where you are the benefits of lower gas prices are passed on far more rapidly toward consumers and this is where we're really seeing the reaction. look at that. way below $70 a barrel. many analysts say it could fall even perhaps as far as 60 and even below that ceiling, and if that does happen, boy, that will give the u.s. economy another boost. >> it's been amazing at the pump. you just look and go oh, my goodness, is this the correct price for this gasoline? we used to say opec and everyone would jump. today, though, it is opec losing some of its relevance, nina? >> opec still has about 80% of the world's proven oil and gas reserves but it only pumps about 40% of the world's crude at the moment. and the decision we saw this week really raises some credibility issues for opec. many people will be asking themselves, especially the members within opec themselves that wanted the price to rise and supply to be cut, they'll be asking them

>> gasoline led the way to the down side, but what's interesting, finally with the wti higher, the strongestn the board was front month gasoline, but i think it's knee jerk reaction from being the weakest thing on the board and also about the dollar lower today, i think that helps crude prices being higher, also. >> will gasoline lead the way up, just as it's led the way down? >> if you think we're going up, yes. but if you look at the market, if it looks like we should test 80 in crude at some point, you look at the volume, all the volume is to the down side. so when you look long-term and it looks very bearish and anytime you can have a washout to the down side and it has big volume. liz: lower highs with thinner volume never a good combination. >> there are certain pockets that look nice, and do you put any value in that or is it just too thin of a traded market and in the end, what will get people back in trading? >> you know, looking at today's market, it's an extremely thin day today here with the banks and the currencies really not, you know, showing much movement. i kind of thing we

. >> wti, what levels are you thinking? >> well, i think it's going to go to 70.hat's really like i said, 2.20 the line in the sand on the ten year e, i think 70 the line in the sand on oil. drops below 70 -- i'm not really -- i don't really have a view whether it will or won't, but if it does i think it's going to drop pretty quickly a lot lower because of the second part of the cycle countries pumping a lot. one thing that's interesting when i started in this business 30 years ago, everyone was fixated on oil. they remember the '70s and how that fueled so much inflationary problems. oil is still a fantastic indicator. it's highly correlated. if oil stays around $75 a barrel, which i think it will. >> deflation. >> it means that the cpi should probably go to zero. year over year. zero. so certainly not inflation. so again, there's no real reason why bond yields are supposed to rise and they don't because the inflation picture has definitely shifted towards one of fears more of deflation than inflation. it's fascinating again, when i started in this business, ever

wti crude hitting a three-year low, helping sectors like airlines with the dow