West Texas Intermediate crude futures, the U.S. benchmark for oil, saw wide swings this week.
WTI crude futures settled at $80.95 a barrel on Tuesday.Zoom In IconThis chart shows how oil tends to behave at different points during the year and reveals that the week of Thanksgiving tends to be ugly for oil, according to Cramer. "Historically, some of the most devastating oil declines have occurred on or about Thanksgiving day," he said.
The chart shows that oil futures fell $10 on the Friday after Thanksgiving in 2021. Crude tumbled 10% during Thanksgiving week in 2018 and declined nearly 14% in 2014, he added. Garner's explanation for why Thanksgiving tends to bring such pain for oil is that the week includes the last trading day for December oil futures and that there's always an OPEC meeting in late November or early December.
"Throw in the fact that holiday weeks tend to have very light volume, that means any moves tend to get blown out of proportion because it doesn't take [as] much to move a commodity — or a stock frankly — during these lighter periods," Cramer said.Jim Cramer's Guide to Investing
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