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The collapse in oil prices has now reached historic levels.
Tuesday's 7% plunge in West Texas Intermediate (WTI) - the largest slump in more than 30 years of futures contracts - marked the 12th consecutive daily loss for the New York benchmark. Before rebounding slightly yesterday, crude had been down more than 22% in less than a month.
Now, we've spoken many times before about the numerous reasons why crude prices can plunge: artificial manipulation from short sellers and institutional monkeyshines, geopolitical tensions, distortions in supply and demand, even outright oversupply - we've seen it all before.
In this present case, some of this current decline is warranted, given the market's overestimation of Iranian sanction impacts and, to a far lesser extent, some weakening in underlying fundamentals.
But to be sure, the leading cause of the plunge has been a combination of what I have called the "lemming fixation" (a penchant for jumping off the cliff en masse) and some outright market manipulation.
I'll have more to say on this shortly, in a more extensive analysis my team and I are preparing right now.