We have seen before how machines, or more precisely the algorithmically programmed computers, are increasingly responsible for setting prices in the WTI futures pit. The algos feed on news flow, but don’t seem capable of being able to distinguish between quantitative news and qualitative news. The most recent run in WTI from just over $47 at the end of March to just under $53 today (an almost 12 percent move in roughly two weeks) is a case in point. It’s getting harder to provide any sort of rationale for moves of this magnitude. Or is it even profitable to continue looking for one? For WTI, it’s really an existential question. The news flow has focused on speculation that OPEC production levels would continue to decline and even be extended into the second half of this year. Helpful and timely comments from Saudi Arabian sources suggesting as much were clearly […]