WTI crude oil breaks yesterday’s low as it falls below $69
I don't think I've ever seen something quite like the rout in oil prices in the market.
Hormuz was the mother-of-all disruptions, an absolute dream for oil bulls. Yet here we are nearly four months later and crude is back where it began. Worse yet, many (most?) oil stocks are below pre-Hormuz levels.
It's the ultimate evil-genie.
I also can't begin to understand how it happened. There are SPR releases and China lowered imports by 4 million barrels per day but something else must be going on out there. There is either some kind of paper manipulation (which seems impossible) or some other kind of secret oil reserve release. Or there were many ships transiting Hormuz in secret.
Even with all that, it's hard to understand how so many eyes could be on it and so many people be dead wrong. It's a mystery for the ages for me but it highlights the importance of controlling risk and sizing things appropriately, especially when war is involved.
WTI wwas last down $2.91 to $69.01.
This article was written by Adam Button at investinglive.com.提供 MainLink：Investinglive RSS Breaking News Feed
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