Analysis indicates that, according to Axios 70 minutes ago, an unusual $920 million short position appeared in the oil market.

Golden Ten Data reported on May 6 that, according to market analysis by The Kobeissi Letter, approximately $920 million worth of crude oil short positions were established 70 minutes before Axios reported that the US and Iran were close to reaching an agreement on a “14-point” plan to end the war. At 3:40 a.m. Eastern Time (15:40 Beijing time), nearly 10 thousand crude oil short contracts were opened in the market despite the absence of any major news, with the notional value of these trades totaling around $920 million—a particularly unusually large transaction for this hour. Then, 70 minutes later, at 4:50 a.m. Eastern Time (16:40 Beijing time), Axios reported that the US was “close to” reaching a memorandum of understanding to end the Iran war. By 7:00 a.m. Eastern Time (19:00 Beijing time), oil prices had fallen by more than 12%, and the floating profit on the above crude oil short positions reached approximately $125 million.