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http://www.wsj.com/articles/oil-extends-selloff-despite-strong-chinese-trade-oil-data-1421127568?mod=WSJ_hp_LEFTTopStories

Oil Extends Selloff on UAE Minister’s Comments
Nymex Crude Oil Futures Drop Below $45 Per Barrel

By Georgi Kantchev
Updated Jan. 13, 2015 4:28 a.m. ET

LONDON—The oil market extended its selloff Tuesday, coming close to six-year lows after the United Arab Emirates’ oil minister said the Organization of the Petroleum Exporting Countries would stand firm on its decision to keep output unchanged.

The market shrugged off strong trade data out of China and pushed below the $45 a barrel mark for the U.S. oil benchmark.

Brent crude for February delivery fell 2.8% to $46.09 a barrel on London’s ICE exchange. On the New York Mercantile Exchange, light, sweet crude futures traded at $44.87 a barrel, down more than a dollar from Monday’s settlement.

“We are still very much sentiment-driven and the sentiment will continue to be negative as long as there is no change in production,” said Thina M. Saltvedt, senior oil analyst at Nordea Bank Norge. “Oil is still piling up.”

Market participants estimate that the supply of crude is currently overshooting tepid demand for the commodity by as much as 2 million barrels a day.

[expat_panama]

Good morning it's a beautiful day!   Stock futures are rosy, up +0.56% just like yesterday --oops: Stocks Hit With Distribution.  This time will be different maybe.  After all, metals futures are +0.12% up today too just like yesterday and they ended soaring (gold'n'silver now $1,238.75 & $16.94).  Reports start trickling in today w/ JOLTS - Job Openings and Treasury Budget.  Breaking news direct from the Living-in-Interesting-Times wire service:

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• Economic Mood Brightens, Thumbs Down For Gas Tax Hike
• How Shale Companies Will Emerge From The Oil Slump
• Iron Ore Imports by China Surge to Record as Price Collapses Bloomberg - 6 hours ago Iron ore imports by China rebounded to an all-time high last month, capping record annual purchases, as slumping prices boosted demand for overseas supplies in the biggest user and some local mines were shuttered over winter.
• UPDATE 1-OPEC won't back down, UAE minister says as oil plunges Reuters - 3 hours ago (Updates with context, quotes). By Maha El Dahan and Rania El Gamal. ABU DHABI Jan 13 (Reuters) - OPEC will not cut its oil output to support prices but expects higher-cost producers to do so, the United Arab Emirates energy minister insisted on Tuesday ...
• Oil slide hits energy shares but Alcoa cheers some Reuters - 7:42am LONDON (Reuters) - Oil prices slid on Tuesday to their lowest in almost six years, depressing energy shares but cheering those investors who focused on stocks seen as likely to benefit from cheaper fuel costs.
• US shippers say West Coast ports near gridlock on stalled contract talks Reuters - 6 hours ago SAN FRANCISCO Jan 12 (Reuters) - Cargo traffic at several of the biggest U.S. West Coast ports has slowed to near gridlock, negotiators for shipping lines and terminal operators for 29 ports said on Monday as contract talks with the dockworkers' union