Crude volatility evaporates OTC liquidity in May

Nymex West Texas Intermediate for July delivery gained $9.32 between May 15 and May 21 and reached a record high of $135.09 during an overnight electronic trading session on the Chicago Mercantile Exchange’s Globex platform.

“Commercial traders are having a very difficult time in this market because it is not behaving at all in a way that experienced commercial traders have any familiarity with,” said Addison Armstrong of TFS Energy. “As a result we’ve see some liquidity drying up in the OTC