TNKYou may have noticed a negative sign in front of WTI crude oil today. Yea, that’s not good...
USOILIt had to do with May Future contracts expiring and an unprecedented amount of oil supply flooding the market.. In short, no one wants to buy 1000 barrels of oil with no where to store it.. the fancy CFA word is called “Contango”, and has to do with the price (or rent) for just holding & storing 1,000 barrels of oil.
Bottom line: Oil Storage and Tankers just became a boiling HOT commodity.. (there were 2 puns in that one)
I’ve got a target of $45.
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Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.