Predicting price movements is a brave undertaking. Betting on de-escalation, either in the Middle East or Ukraine, ditto. Tension undeniably keeps brewing, and not exactly under the surface.
Act II, Scene VII of ‘As You Like It’ by William Shakespeare foretold a modern truism that is being acted out at the United Nations. We thought there might be a wild ride for oil prices this week, and so it has been so far. The main topic below takes a peek at a possible diesel/heating oil export ban by the US, but the swings it caused in the arbitrage between CME Heating Oil and ICE Gasoil futures, commonly known as HOGO, is quite astonishing.
You blinked, and your position might have moved significantly against you. You were forced to limit your losses, which you might have regretted 30 minutes later. Market-moving headlines were flying around more frequently yesterday than drones in the Persian Gulf or over Ukraine.
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