Crude Oil Back Above $110; Trading Halted (Briefly)

Crude oil was just halted on the NYMEX after trading up over 10%. Today's gain, if it holds, would be the 8th largest one-day gain going back to at least 1986.

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[SA Editor note: Trading resumed soon after this article was posted, with the 10% cap removed.]

Comments

[junkyarddog:]

It's all fundamentals based on supply and demand...

2008 Sep 22 04:08 PM

[toomuchgas:]

Unintended consequences of government bailout. It will be short lived as demand destruction continues.

2008 Sep 22 04:26 PM

[Prudent Man...:]

I home it is fundamentals but I don't know what made such a big change since Friday, fundamentally.

Hopefully, markets will become rational both on the upside and the downside but markets are what they are and no one is forced to play the game.

I won't and I don't.

2008 Sep 22 05:32 PM

[morph366:]

Hedge funds are playing a strange kind of Russian roulette to find out who will be the last man standing.
I wouldn't hold my breath on markets ever being rational

2008 Sep 23 08:06 AM

[Navin Sinha:]

I am not finding anything strange in these movements.It is just newtons third laws reaction but a bit changed.i.e.At what ever high the market goes it gives a correction to half of the forthcoming high that it is going to make.So i feel that Crude has already corrected and it is charging towards the 250$+ level.

2008 Sep 24 09:18 AM