Premium'Real' Oil Price Hits Record High As Headline Havoc Leaves Traders Breathless Ahead Of Trump Deadline
Tl;dr: Ahead of Trump's self-imposed deadline, headline roulette reached peak beta today with every utterance triggering a pop or drop in oil (and thus bonds and stocks). At the end of the day, the markets ended 'meh' and stuffed full of hedges with Dated Brent surging to a record high but late-day headlines rescued stocks (and pushed WTI futs down). Bond yields ended lower, gold higher, bitcoin down (but off the lows), and short-term vol spiking.
"What a total fucking shitshow..." is how one veteran equity trader put it to us in a MSG that was long on expletives and short of patience as headlines in the last 15 minutes of the trading day changed the complexion of risk dramatically.