General:
Volatility in major commodity futures remained high as the crisis in the Mideast expanded into its second week. April crude oil traded as high as $119.48 / barrel Sunday night – a near 29% increase – and down to today’s low of $76.73 for a jaw-dropping $42.75 / barrel price range over that time.
March E-Mini S&P 500
The March E-mini S&P 500 spiked down over 100 points to near 4-month lows below 6,600 late Sunday night, with the E-mini Dow losing over 1000 points at the same time. Gold and silver futures daily price ranges stayed well-above average with April gold holding above $5,000 / ounce for the last three weeks.
Notable News – Crude Oil
Notable news items contributing to recent movement include at least three ships were hit today in and around the Strait of Hormuz and the U.S. military said it struck 16 Iranian mine-laying vessels near this crucial conduit for the global oil trade
Additionally, the International Energy Agency, which has operated for decades to monitor global crude oil supplies and help prevent price shocks, said that its 32 member countries would release 400 million barrels of oil from their strategic reserves, representing the largest release ever and the first such coordinated action since 2022, after Russia’s full-scale invasion of Ukraine.
Heads up:
Keep in mind that day trading margins can change at your clearing firm / FCM – for certain markets, entire asset classes, i.e., energies, precious metals, stock indexes, etc., particular gateways, i.e., Rithmic, CQG, Sierra/Teton. They can also vary during overnight hours and prior to certain events, i.e., important economic report releases, scheduled statements by important people, agencies, etc. Contact your Cannon Trading Co. broker for specifics. |
