|15 min crude futures|
As our president began speaking at around 1:30 eastern time crude oil began levitating off the 98 level on considerable volume. Crude went on to move 50c in 5 minutes, then moved another 50c in another 5 minutes.. you can see this in the chart above.
Moves like this are not common place nor particularly normal for this product without some concrete news. Well the catalyst for this move was Obama muttering about a ‘debt deal’, this sent the algos and global edge and hedge cross asset arb computers into a tizzy. The dollar futures were slammed and index futures bought simultaneously. It is just that easy folks.