The price action in the crude markets is beyond absurd. I envision a clown car rolling up at the exchange and then getting out and slapping each other in the face –in the pits– buying and selling WTI based off fire reports from Fort Mcmurray.
Canadian officials on Sunday showed some optimism as favourable weather helped fire fighters, driving the flames away from the oil sands town Fort McMurray, but there was no timeline for a restart of operations at evacuated sites.
I am sure there are some crude traders getting burned right now, who are actually disappointed the entirety of Fort Mcmurray didn’t end up in cinders.
Should a strong gust of wind materialize, shifting the fires back into the direction of the tar sands, expect to see the price of WTI jump again.
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So, literally, the price of oil is determined by which direction the wind blows. Gives new meaning to “headwind,” “tailwind?”
Lol
i tried to stay away from the sensationalism of the fire news. fires are fires and I leave it to the people who risk their lives to deal with it the best they can. sucks futures prices are played with based on fucked up news but that is the nature of the beast.