NYMEX Crude : Finally the Americans realize all is not well.
February 24, 2011 Leave a comment
NYMEX Crude for June Delivery (CL1M) is worth a look on a 1 minute chart, just to outline the madness of the market. It moved an incredible 3 dollar in 3 minutes, and like all crude contracts is just waking up to the unwinding hell that is Libya.
The market makers will ramp the hell out of it if either side makes a move, but remember there is 500km of desert between Gadhafi and his would be executioners in the east of the country As such, when a move is made, it will essentially be the start of a civil war. US$ 120 oil by Friday close anyone?