Its Over, page-15758

...exactly what I told you about overcrowded trades...when they unwind, here comes max pain!

...the thing is to stay ahead and exit before the exodus gains traction. The last 10pc is never worth staying up for, even if one is able to get it.
Oil plummets, erasing 2022 gains as traders flee market

Bloomberg
Oil dropped to the lowest since last December as investors pared back crude positions amid a broader market sell-off.
West Texas Intermediate settled near $US74 on Tuesday, erasing all of this year’s gains. The slump comes against a backdrop of ever-dwindling liquidity in the oil market: Brent open interest is at the lowest since 2015, as traders strip their positions in the final month of the year.

Traders are “fleeing the market” because of the “absurd” price actions oil has recently experienced, Ed Morse, global head of commodity research at Citigroup Inc., said in a Bloomberg Television interview. “We are getting toward the end of the year, and those who made money this year did not want to lose any.”

Risk appetite remains low as investors digest economic data pointing to a slowdown in the US, and weigh the long-term impact of the latest round of restrictions placed on Russia by the European Union and Group of Seven. These include limits on insurance and a $US60-a-barrel cap on Russian oil.