For oil it is all about Chinese demand and no one seems to know what it is or where it's going, at least at the moment. We should get more clarity over the next few weeks but that is not much help right now. WTI $103.25 down $10.65.
From ZeroHedge:
While oil plunged and crypto soared, perhaps the biggest news of the day was that the Ruble continued to charge higher, almost erasing all of the post-invasion losses...
Source: Bloomberg
And gold in rubles has fallen back towards CBR's buying level announced last week...
Source: Bloomberg
Crude crashed on demand anxiety as China begins its lockdown in Shanghai. It was rescued briefly by OPEC+ headlines that they don't care about temporary 'war premium' and will stock to their current supply plan, but that didn't last long as the reports of progress in peace-talks sent WTI legging down further, settling with a $104 handle...
Bitcoin ripped back above $48,000 (and up to its 200DMA)...
....MUCH MORE
As always, a big thank-you to the Tyler Durdens from the directionally-challenged for the arrows.
