And now, for the real reason for the oil plunge: the ICE has just announced it is hiking oil margins for the second time this week, this time increasing both Brent and WTI margins. The new Brent applied margin is 5200 compared to 4850 before. We expect the NYMEX will follow suit on its own WTI contract margin hike any minute. As usual, we continue to patiently await the Globex to hike margin requirements on the ES. The most recent update of the ICE Brent Scanning range and Tiering can be found here.
The complete chart of the notable margin hikes by product per the ICE: