WTI priceSomething seems off about WTI's price drop this morning
$111 less 19 hours ago
Saudi Arabia raised their price more than expected - reflecting their lack of spare capacity and strong demand
WTI's price dropped $11 to $100
That doesn't seem like a normal market reaction to me
The WTI upside price catalyst is Saudi Arabia's inability to export much more oil. Their price hike is a further indication that their claimed spare capacity is false
The WTI price fell as is 2 million more barrel just appeared
That's weird
I can see the longer futures prices being affected by recession speculation, but not the near spot WTI price
It would be interesting if Biden is manipulating the WTI trading market