WTI experienced some good old fashioned expiration-day volatility, yesterday. It reminded us of the old days, when the NYMEX pit would churn and prices would lurch indiscriminately on the last day of a contract’s life, in thin volume with stories of those “being caught” abounding. Yesterday, the current fixed gaze of the market of the market was on full display. Prices had a delayed, cratering reaction to a report about a shutdown of the Seaway pipeline by the infra-red pipeline monitoring company, Genscape.
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