What caused that dive in crude and unleaded, anyone know? Honestly, after the EIA report yesterday (Wednesday), I don't know where they found the strength to be in positive territory today.
That was a pretty big drop that happened very quickly Jim, good catch..........I haven't been watching the liquid energies.
Usually that sort of thing happens from a news flash spike/reaction and maybe there was news?
CL dropped around $1.50 and gasoline around 4c in less than 5 minutes but have recovered much of that loss the last 45 minutes.
I agree. It will probably pop up later. Something like some advancement with the Iranians or something like that.
It also could have been tons of sell stops just below the market support $70 in crude that had accumulated this morning and they knew that triggering them, based on the size would cause a domino affect brief selling surge to much lower.
That does happen frequently with some of these big day traders that feed off of resting stop orders just below and just above the market
https://quantitrader.com/algorithms/stop-losses/
Plain and simple, the markets, specifically the exchanges, are totally geared towards screwing you, dear trader.