As Oil Flash Crashes, One Trader Says The Commodity Selloff Is “The Single Largest Macro Factor” Right Now | Zero Hedge
It was a very ugly night for the Andy Halls, Pierre Andurands and other crude longs, after oil flash crashed just before midnight ET, dragging WTI from above $45/bbl to below $44 in seconds on a surge in volume, to the lowest price since OPEC agreed to cut output in November.
As shown in the chart below, in less than 10 minutes futures slumped more than $1 as volume surged 14 times.
“As a whole, the commodities selloff of the past two months is arguably the single largest macro factor shifting the view on how to play the months ahead. There are consequences for FX, rates, credit and equities markets.”