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Carnage and Armageddon are the appropriate descriptions for the events that transpired in the crude oil futures market in the aftermath of the May 6 OPEC meeting.
Crude oil equities had been flashing a warning signal for more than one year. The prices of oil-related companies lagged crude oil when the price rose and did worse during corrective periods. Oil equities wound up telling the market "I told you so" on Sunday night when the price of oil gapped lower to a price level that many market participants thought impossible.