Oil Traders Are Having Some Fun Again as Price Bubble Bursts
- WTI dropped below $50 a barrel for first time this year
- Bearish bias on WTI put skew rises to highest since January
Why the U.S. Is Swimming in Oil
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Oil’s plunge is bringing some excitement back into the market.
As futures in New York slipped to the lowest since OPEC’s output deal in November, options trading surged and signaled the biggest bias toward a price decline in six weeks. That’s a stark departure from last month, when the West Texas Intermediate benchmark traded at the narrowest price band since 2003.