One great thing about analogs is how they provide a backdrop of reasonableness for the strange goings-on in the “markets.” Consider oil’s dump on Friday, and follow through yesterday, on — surprise! — news that the Vienna OPEC deal might be in trouble.
Recall that this was the same deal countless players were touting as almost certain to come together (and, I’ve been touting as dead in the water) for the past two weeks.
While futures responded by shedding some of their gains, the more important factor — especially now that CL is rebounding again — is where they fell to.
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