Today Makes The 5th Biggest Drop On Record for ULSD, All Before 8AM
After one of the biggest sell-offs in history Monday, refined products were rallying overnight with 7 cent gains for RBOB and ULSD. Then, around 7am central, reports that Russia was pulling back some of its troops from Kyiv created another wave of selling, that would make today the 5th biggest drop on record for ULSD, all before 8am.
There seems to be a perfect trifecta now for the bears, with COVID lockdowns, the pullback in Ukraine, and the potential for an inverted treasury yield curve foreshadowing a recession. The big question now comes on the charts to determine whether or not all of those factors are enough to break the bullish trend-line that’s supported the largest price rally in history, or is this just another bit of volatility in the month that’s blown away all records for daily price swings.