Did someone leak the statement (again)?
At precisely 10am ET, everything jumped:
[5]
... Led by Crude, where 17,000 lots went through WTI Crude to smash it higher:
[6]
As Reuters reports,
Oil prices jumped more than $1 a barrel on Wednesday on what traders said was a trade by a big algorithmic trader, ahead of weekly crude inventory data from the U.S. government.
Global benchmark Brent was up $1.25 at $48.06 a barrel by 10:17 a.m. EDT (1417 GMT), hitting a session high of $48.60. U.S. crude rose $1.39 to $44.59 a barrel.
There were less gains in earlier trading as the market awaited inventory data from the U.S. government's Energy Information Administration.
"Definitely more of an algo trade," said Tariq Zahir, a fund manager in oil, describing the price spike. "I would say that it's more of an algo trade because the spread market isn't reacting to crude being up $1.33."
Another ETF glitch? USO volume exploded as shown below.
According to some this was just shot covering in the energy complex
pushing the entire market higher. Maybe, or did "boots on the ground"
chatter in Syria finally flow through?
