Crude at $105, Gold Bleeds, and the Map of the Gulf is Being Redrawn in Pipelines

WTI crude closed at $105.45 a barrel, up $3.55 on the day — a 3.48% move that tells you almost everything you need to know about how the market is pricing the Gulf this week.

Gold, counterintuitively, went the other way. The metal settled at $4,541.94 per ounce, off $110.24, or 2.37%. When oil and gold diverge this sharply on the same session, it usually means one of two things: either the safe-haven trade is unwinding into something more specific, or someone large is rebalancing. My read is th…