Aided by the exuberant buying-panic in stocks and reassurances from Russia's energy minister, WTI prices are soaring (over 7%) today, breaking above $46.50 in its biggest daily jump since Dec 2016.
Russian Energy Minister Alexander Novak said the market will be more stable in the first half of 2019 and suggested cooperation among OPEC and its allies in supporting the market.
Sending crude prices soaring...
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“Cooler heads are prevailing here,” said Phil Flynn, senior market analyst at Price Futures Group.
"Some of the selling was overdone.”
The chance of an extraordinary meeting by OPEC and its allies is “sending a signal to the market that they will do whatever it takes.”
Energy stocks are following suit...
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Very thin seasonal-norm volume is not reassuring that this is anything but a squeeze for now, however.
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