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Oil plunges more than $2 in minutes on a rumor that Gaddafi has been shot. WTI crude is now $7...

Oil plunges more than $2 in minutes on a rumor that Gaddafi has been shot. WTI crude is now $7 off of its high from earlier today - $97/barrel. OIL -1.2%. BNO -0.5%.
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Comments (11)
  • MarketGuy
    , contributor
    Comments (3983) | Send Message
     
    I'll bet you can trace the rumor to the Bernank's cell phone #.

     

    All kidding aside, this again shows how corrupt the markets truly are.
    24 Feb 2011, 03:05 PM Reply Like
  • The Energy Trader
    , contributor
    Comments (26) | Send Message
     
    Even if gaddafi-kaddafi is shot right now or he have a heart stroke or whatever the hell happen to them, who knows when the country will be full functional. This just reaffirms how far from fundamentals this market is
    24 Feb 2011, 03:15 PM Reply Like
  • Djvu
    , contributor
    Comments (574) | Send Message
     
    LoL. Actually Gaddafi is leaving on a jet plane tomorrow, loaded with Gold. www.zerohedge.com/arti...
    Germany also sends 600 soldiers on 3 warships to Libya. www.zerohedge.com/arti...
    24 Feb 2011, 03:16 PM Reply Like
  • The Energy Trader
    , contributor
    Comments (26) | Send Message
     
    Yeah, pretty much like in a "24" show. It seems hard to believe.
    24 Feb 2011, 03:22 PM Reply Like
  • Matthew Green
    , contributor
    Comments (457) | Send Message
     
    I'm still a bit suspicious, but with the way information spreads today we know all too well that, more than ever before, a rumor is just a premature fact.
    24 Feb 2011, 03:23 PM Reply Like
  • Bear Bait
    , contributor
    Comments (689) | Send Message
     
    I hope it's true...
    24 Feb 2011, 03:29 PM Reply Like
  • Duude
    , contributor
    Comments (3395) | Send Message
     
    I'm actually a wee bit surprised the price would go down if he was shot. Traders must put more weight in him following through with his threats to blow up their distribution network than the chaos that would ensue with a power vacuum.
    24 Feb 2011, 03:30 PM Reply Like
  • cbc
    , contributor
    Comments (411) | Send Message
     
    Have to agree with you. If he is shot or not, we have a huge power grab potential and I would guess the transition will not be smooth. Unlike Market Guy my guess is Gadhafi started the rumor and will play this oil ride both ways. What better way to add to his stash before skipping town.
    24 Feb 2011, 04:39 PM Reply Like
  • kmi
    , contributor
    Comments (4239) | Send Message
     
    A Somalia like power vacuum will not be good for oil hah...

     

    There is this sense of his impending death or stepping down, but no credible successor has emerged or stepped forward, so this is going to be a mess no matter which what the trajectory.
    24 Feb 2011, 04:47 PM Reply Like
  • The Energy Trader
    , contributor
    Comments (26) | Send Message
     
    This looks pretty much like these days when we get wild swing when saddam was reported dead (I think it was on 2003, and until they finally catch it, 5-7 rumors were untrue). Needless to say what happen after the wild swings... We are 400 to 500% above those levels... Yeah, I know libia is not iraq in the crudeoil world, but still..
    24 Feb 2011, 06:43 PM Reply Like
  • Matthew Green
    , contributor
    Comments (457) | Send Message
     
    Looks like this one was untrue after all, but I must admit after 2008 I'm more inclined to believe them. Bear Stearns' insolvency/demise was initially just a rumor, but which when prime brokerage accounts and others started acting upon it became a self-fulfilling prophecy. Lehman was just a rumor for months until the very end as well.
    25 Feb 2011, 10:18 AM Reply Like
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