I have been watching oil prices closely, daily, for years and cannot recall this. Ordinarily, on days when oil is up, it's up, on days when it's down, it's down, and on days when it's flat, it's flat. It may be all over the place from one day to the next, but not within one day.
But today, started the day up over 2% both WTI and Brent, and now before noon both are down about half a percent. This isn't just highly unusual, it's rare enough to be bizarre. Yes I'm aware of the Saudi ship with a hole in it, but this isn't the first time we ever had some geopolitical risk getting priced in.
I'm not guessing what it means other than it is an indicator that these are not normal times.
and as I post, still moving downward toward down 1% for the day. That's crazy after being up over 2% just an hour or two ago.
Submitted May 13, 2019 at 12:09PM by rebelde_sin_causa http://bit.ly/2YvqYCt
