Oil’s Plunge Was Sign of a Market That Got Too Bullish, Too Fast

Bloomberg2021-03-19

Futures plunged as much as 9.9% after strong rally this year Technical indicators were showing a correction was overdue For those who had been tracking oil’s technical indicators this month, the ...

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精彩评论

Jeffgoh
2021-03-19
Jeffgoh
Oil target is 100
- PeopleAction:
  Thats high
YiiYii
2021-03-19
YiiYii
Great... Stonks 🚀 🚀... Please like and comment.
- Swifty:
  Can comment back? Thanks
- YiiYii:
  OK. Sure
TerenceD
2021-03-19
TerenceD
That’s 👍🏻
Angsana
2021-03-19
Angsana
Wow
咩咩虎
2021-03-19
咩咩虎
Nice
Tedam
2021-03-19
Tedam
Please like and comment, thanks
- KyleFong:
  Sure. Please reply here back
- YiiYii:
  Sure. Please return.

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Prices rose well above the upper Bollinger band that signaled a pullback was all but inevitable. Meanwhile, fuel refiners along the U.S. Gulf Coast were struggling to recover from a deep freeze last month and the pace of oil exports had slowed, weighing on near-term demand.\nAnd so on Thursday, oil’s 30%-plus rally this year came crashing down. West Texas Intermediate crude futures plunged as much as 9.9%. A strengthening dollar and news of efforts to roll out vaccinations stalling in some parts of the world further weighed on the market, as did the usual unwinding of long positions amid big price drops.\nBut virtually nobody is saying the rally is over for good.\nAs Giovanni Staunovo, a commodity analyst at UBS Group AG, put it: “Some setback” was bound to happen on the road to a longer-term recovery. 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It has already weakened somewhat and in some parts of the curve it has flipped to the opposite.\n“The backwardation curve is just not as steep as it was,” said Tariq Zahir, managing member of the global macro program at Tyche Capital Advisors LLC.\nCommodities across the board slumped on Thursday along with stocks and bonds as markets were also gripped by fears that the U.S. Federal Reserve risks letting inflation accelerate.\n“This has been driven by a risk-off move, and crude oil is unfortunately taking it on the chin,” Zahir said. “Going long energy has been the reopening trade since January 1 this year. Now, you’re looking at the standpoint of having all these profits, and taking it all back.”\nCrude-processing rates in the U.S. Gulf are stuck at about 80% of levels seen before the winter storm hit the region, with refiners not rushing to ramp up production with bigger-than-usual stockpiles to fall back on.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":327455089,"gmtCreate":1616119368441,"gmtModify":1634527135148,"author":{"id":"3568536339150618","authorId":"3568536339150618","name":"Jeffgoh","avatar":"https://static.tigerbbs.com/a1166397d2b5f6ddeaca6a777eb59be6","vip":1,"crmLevel":5,"crmLevelSwitch":0},"htmlText":"Oil target is 100","listText":"Oil target is 100","text":"Oil target is 100","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/327455089","repostId":1191288642,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3832596,"gmtCreate":1616120223998,"gmtModify":1635752330315,"authorId":3553751084635254,"author":{"id":3553751084635254,"authorId":3553751084635254,"name":"PeopleAction","avatar":"https://static.tigerbbs.com/50b5756d6638c3b8fc7eb475adc1ab9c","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":327455089,"type":1,"supId":0,"prevId":0,"content":"Thats high","text":"Thats high","html":"Thats high"}],"langContent":"EN"},{"id":327422958,"gmtCreate":1616118575674,"gmtModify":1634527140982,"author":{"id":"3567052123559984","authorId":"3567052123559984","name":"YiiYii","avatar":"https://static.tigerbbs.com/bb10d436567743e0e60ba0933900bf20","vip":1,"crmLevel":4,"crmLevelSwitch":0},"htmlText":"Great... Stonks 🚀 🚀... Please like and comment.&nbsp;","listText":"Great... Stonks 🚀 🚀... Please like and comment.&nbsp;","text":"Great... Stonks 🚀 🚀... Please like and comment.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/327422958","repostId":1191288642,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3832466,"gmtCreate":1616119033531,"gmtModify":1635752340607,"authorId":3573686260747225,"author":{"id":3573686260747225,"authorId":3573686260747225,"name":"Swifty","avatar":"https://static.tigerbbs.com/25bc2f32857ae0c620f1d9eee6447454","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":327422958,"type":1,"supId":0,"prevId":0,"content":"Can comment back? Thanks","text":"Can comment back? Thanks","html":"Can comment back? Thanks"},{"id":3833418,"gmtCreate":1616128999684,"gmtModify":1635752278531,"authorId":3567052123559984,"author":{"id":3567052123559984,"authorId":3567052123559984,"name":"YiiYii","avatar":"https://static.tigerbbs.com/bb10d436567743e0e60ba0933900bf20","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":327422958,"type":1,"supId":3832466,"prevId":0,"content":"OK. <u>Sure</u>","text":"OK. <u>Sure</u>","html":"OK. <u>Sure</u>"}],"langContent":"EN"},{"id":327423750,"gmtCreate":1616118420870,"gmtModify":1634527142736,"author":{"id":"3573966231987456","authorId":"3573966231987456","name":"TerenceD","avatar":"https://static.tigerbbs.com/046d570a2a5c6793332b041c7628d5c3","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"That’s 👍🏻&nbsp;","listText":"That’s 👍🏻&nbsp;","text":"That’s 👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/327423750","repostId":1191288642,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":327429211,"gmtCreate":1616118345033,"gmtModify":1634527143448,"author":{"id":"3575326435298567","authorId":"3575326435298567","name":"Angsana","avatar":"https://static.tigerbbs.com/3c8492153d7059ec1aa704a1bd541c14","vip":1,"crmLevel":5,"crmLevelSwitch":0},"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/327429211","repostId":1191288642,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":327420880,"gmtCreate":1616118290340,"gmtModify":1634527143907,"author":{"id":"3568542354994015","authorId":"3568542354994015","name":"咩咩虎","avatar":"https://static.tigerbbs.com/a6663bef57eca539a2c52ea184964654","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"Nice&nbsp;","listText":"Nice&nbsp;","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/327420880","repostId":1191288642,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":327468441,"gmtCreate":1616117929083,"gmtModify":1634527147513,"author":{"id":"3574663138666653","authorId":"3574663138666653","name":"Tedam","avatar":"https://static.tigerbbs.com/b03558df0abaa80f9e6b141bb1e3d38e","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"Please like and comment, thanks","listText":"Please like and comment, thanks","text":"Please like and comment, thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/327468441","repostId":1191288642,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3832283,"gmtCreate":1616118000444,"gmtModify":1635752353505,"authorId":3571137612858065,"author":{"id":3571137612858065,"authorId":3571137612858065,"name":"KyleFong","avatar":"https://static.tigerbbs.com/e17389fa1acf21e046b50105e4b79fa8","vip":1,"crmLevel":6,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":327468441,"type":1,"supId":0,"prevId":0,"content":"Sure. 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