Yeah, I think it's time to close out when NYMEX opens, this is ridiculous. Or I can stomach it like a psycho...but I doubt it.
I've been in this situation when I traded stocks. I had an already-losing short position on a stock that gapped up right after the market closed on a piece of news that didn't fundamentally affect the bigger picture, but the gap placed price outside my disaster stop risk parameter. So there I was with a single trade about to take an 8% chunk out of my account. I sat down and came up with a plan and followed the plan and after a few days I got out for a very small loss when the worst-case scenario of my plan was never realized. When these situations happen, sometimes you take the hit near a reversal point, (I've done that before), but that's par for the course, and once you're flat, you're ready to carry on fresh.
Well I would've guessed the market was going to demand some sort of risk premium for the shit going on in the ME but this is ridiculous.
Right now (From ICE Europe) - 22:07GMT Brent (April) 107.93 - 108.04 (Last trade 108.00) +2.17 WTI (April) 97.29 - 97.50 (Last trade 97.50) +2.26