The machines are in charge again as Saudi cut hopes created just the right amount of momentum to fill the gap to the drop highs from Friday (after Iran’s denial of any deal)…However, Oil volatility is spiking as hedgers pile into protection.
U-shaped recovery…
But something very odd is going on in the Oil Vol markets…
Seems like hedgers are very actively buying Oil protection (inverted in chart) as oil prices levitate.
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