– WTI Crude Spikes Over $59, Up 9% From Lows: Biggest Intraday Swing Since April 2009 (ZeroHedge, Dec 17, 2014):
No obvious catalyst yet, aside from pure triple-witching anticipatory stop runs, but:
- WTI CLIMBS AS MUCH AS 5.5%; BRENT GAINS AS MUCH AS 5.8%
Lifting WTI over $59 and Brent over $63. In fact, the $9 surge from the lows is the biggest move in crude since April 2009!
The move has the feel of a liquidation and we note that NOK has surged as this move in crude occurs, totally decoupling from earlier correlations.
As Bloomberg reports, Russia Government Supported Ruble Ahead of Putin Conference
“They want to reduce volatility and strengthen the ruble, and they are preparing the ground for Putin’s speech tomorrow,” Per Hammarlund, the chief emerging- markets strategist at Skandinaviska Enskilda Banken AB, says by e-mail today.
“It’s the ruble’s ‘P-Day.’”
President Vladimir Putin will hold an annual media conference tomorrow.
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So Russia is selling USD, supporting RUB, which is sending energy higher, which is causing a short squeeze, which is pushing stocks higher.
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- *NIGERIA CUTS FEB. BONNY CRUDE EXPORTS TO 5 CARGOES VS 6 IN JAN.
— Eric Scott Hunsader (@nanexllc) December 17, 2014