RE:RE:RE:NCIBSo why did oil prices fall so much on Tuesday? Liquidity in oil market futures is very poor, leaving them vulnerable to anyone unwinding a large position or selling forward contracts. Both happened this week. Over the summer, several big producer-hedging deals are likely, including the annual deal used by the Mexican government to lock in prices for the following year. On Tuesday, oil traders reported Wall Street banks buying put options for 2023 in large size — likely a sign that a big client was in the market hedging oil prices. Don’t misinterpret one day’s price decline as presaging a relaxation of the pressure that’s pushed Brent up by more than 50% in the past year.