Yeah it does that...the whole complex turned on a dime at 1:53....and it does that too, in different directions at different times. Sometimes the moves are a lot wilder than today. I checked Reuters and there was no news, although they credit RBOB with leading the charge "amid supply concerns". The gas crack is nuts--$36.02 high today.
I do know its behavior, but that pop looked a little different -- more mass order pulling off the offer than actual volume. Anyway, these things happen. Thanks for the RBOB insight. Regards,
I'm deep under on this trade. I went short the crack spread at around 30.50 on Weds morning. GASOLINE: SELL SELL!!!! (praying for a return to 30...)
Probably has to do with the increased concerns over Nigeria, Chevron anounced they are pulling hundreds of workers out ahead of their Presidential inauguration on May 29th.
Nice Guess, but no cigar! I got caught in that updraft, for once on the correct side. There were no new news releases after that whipsaw. el surdo