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FBN’s Jeff Flock at the CME with an update on oil prices after oil fell by $3 a barrel in less than a minute yesterday.
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I -- add to that oil tumbling again today after yesterday's volatile session when a plummeted nearly three dollars and less than one minute.
Our jet -- was in the pits -- CME there.
Is there are now again Jeff what's the latest on all that.
You know I was like to go to the good news that the meets behind me and cattle and hogs -- on this the only thing up today pretty much but let's go to -- first let's take a walk.
I wanna get Todd Colvin its take on this but first bounce something off -- -- Take a look at the intraday chart you see what precipitous drop there was yesterday again today.
Oil down about a dollar 37 it looks like to the number that I'm looking at right now but take a look at this -- listen to what we pieced together from traders yesterday we didn't talk about grains foot.
-- were down yesterday limit down soybeans.
Soy -- on the -- of some triggered some margin calls for some traders who also had oil they sold to copper.
There were also course yes PR rumor that was out there the options expiration we're out there.
Thin market.
Starts to trigger the stops.
And there you -- you got a cascade.
Do you buy it I don't know I think oil's been -- in a range here between ninety for a hundred.
Gone back about six weeks and I think that either a release of the strategic reserves or perhaps -- -- in the Middle East is what's gonna trigger break out of that range.
Where do you see it going -- right now.
Well I think right now it's probably leading to the downside because as we get closer and closer to the election this can be a politically driven market and it we see it rise above a hundred it's because of issues going on Middle -- which are really starting to heat up real quick before we get away traders always talk about presidential election we were talking earlier about the release of the Romney tape right.
You were traders think that's a positive some traders told me they think that's positive I think it was a positive action for for governor Romney and I think if you can spend less.
You can make himself look very presidential other way -- it also seems more -- -- hear what the guys really think you're right that's what some traders told me exactly.
-- OK there you go.
Another spin from the floor of the CME guys -- I thank -- -- hitting -- Net debt flat.
