Crude oil plunges over 8% again, a certain crude oil bull loses up to $15 million in just two days.

BlockBeats news, November 5 — The market is further betting that the Trump administration will seek to end the Iran war, the war risk premium continues to fall, and international oil prices plunged sharply again last night. WTI crude oil futures closed down 8.3% at $88.12 per barrel; Brent crude closed down 8.7% at $94.62 per barrel, both hitting their lowest closing prices since August 31.

According to TradingBeats monitoring, this morning, the US oil CL contract on Hyperliquid was last quoted at $87.29, down about 8.19% in 24 hours; Brent BRENTOIL was at $94.06, down about 8.45%. The two contracts had a combined trading volume of about $998 million during the same period.

During the decline, US oil OI decreased by about 25.05% in the past 24 hours, while Brent oil instead increased by about 4.03%. At present, their notional OI is about $177 million and $322 million respectively; US oil is clearly deleveraging, while Brent oil still has new positions participating.

Also according to TradingBeats monitoring, on the morning of November 5, the crude oil whale account starting with 0x0cc1 had accumulated a net loss of about $16.02 million, including current unrealized losses. Since noon on November 3, the account has added about $14.92 million in losses in less than two days.

During the decline, the account added a total of about $9.52 million in margin last night and early this morning. From early this morning to the morning, the whale cleared its US oil long position and reduced part of its Brent oil long position, realizing a total trading loss of about $6.62 million, including about $5.79 million from US oil and about $830,000 from Brent oil.

At present, the account's contract position consists only of Brent crude oil longs: holding 1 million contracts, with a notional value of about $93.84 million, an average price of $103.15, an unrealized loss of about $9.3 million, and a liquidation price of $82.40.