With commodity currencies (AUD and CAD) dumping, Yen strength (risk-on carry unwinds en masse), Saudi stocks tumbling, and hedge fund spec crude longs near record highs, it is no surprise that the opening prints in WTI Crude are ugly after Doha's disappointing climax. Erasing all of last week's hype hope, WTI printed with a $38 handle (June), $37 Handle (May) and is unable to bounce for now. Dow futures -100.

May crashed most in 7 months...

June plunged...

Dow futures are down around 100 points for now...

Bear in mind that someone was hedging aggressively into the weekend...

And hedge fund net length was at record highs...

More to come we suspect...