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OIL - Crude Oil Volatility Spike - A Classic Contrarian Signal
iPath Series B S&P GSCI Crude Oil
The correction in crude oil has come as a shock to previously bullish traders and has rippled across global asset markets, e.g. contributing to the selloff in the S&P 500 and the push lower in bond yields. So what's up (or down?) with crude, and what are the likely next steps from here?
The chart in focus today comes from the latest Weekly Macro Themes report where I conducted an "oil check" after a solid selloff in WTI crude.
The chart shows the WTI crude oil price against the CBOE crude oil implied volatility index