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WTI Plunges As ~$250 Million Notional Crosses In 2 Seconds No Attachments
It would appear that the combination of the last day of trading for the March
futures contract and some earlier concerns (via CAT) over global growth are
enough to warrant a huge block of selling in the April futures contract for
WTI crude. Of course, the now standard rumor of a commodity fund liquidation is
doing the rounds - 'standard' in so much as whenever there is a sudden
unexplained sharp sell-off in the commodity space it is trotted out. As an
aside, this drop in WTI perfectly recouples it with gold -1.7% on the week. It
appears, as Nanex notes, that this 'two-second 2500 contract block' ~$250mm
plundering of all resting market orders then caused CME to halt trading for 10
seconds.