Oil & Stocks Tumble Into Red After Big Opening Gains Evaporate

A mixture of good (European daily virus death count growth slowing) and bad (US virus death count growth not slowing) news mixed with an ‘odd’ deal with OPEC+ and G20 debt restructuring chatter has sparked an instant bid in stocks and oil prices but just as quickly those bids are disappearing…

Dow futures were up almost 300 points at the open but have given it all back and turned ugly red already…

Oil opened up over 8% after the OPEC+ deal…

But, as one major brokerage platform wrote to clients today:

Due to potential market volatility, OPEC meetings and the upcoming holiday weekend, Crude Oil (CL & QM) will require 150% of initial margin for today’s trading session.

At 3pm ET, initial margin will increase to 200%.

Any client wishing to hold a position after today’s close must have 200% of the maintenance margin requirement.

Which may help explain why WTI is now trading back below Thursday’s lows…