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Bloomberg TV has a special tonite at 9:00 pm EDT...."Corona Virus: Crude in Crisis". On Monday we'll be only 8 days from the June CL contract's settlement date. It recently closed in the mid-24's.

Perfect call. Nice job,

2965=recent highs. Only 50 pts to go.

Things have really gotten crazy in this market.....every overnight Globex session seems to bring higher prices.....only to have them come back down during RTH. Crazier yet is the Saudi's recent increase in prices amidst a sea of inventory. This market now is all about emotion...and will...

Where did the bulls go ? This also applies to the crude market (CL) which dropped $3/BBL in 3 hours.....and strangely seems to be following equities. Saudia Arabia said to have raised prices.....LOL.

Back to 2880 where the HOD rally started.

Nice call.....20 pts down.

The crude market currently remains emotional and irrational. These are historic times for sure.

EIA report this morning showed mild reduction in gasoline inventories. CL popped $1/BBL on the news but immediately retraced the full amount. Crude remains extremely volatile showing a high of $26.08 and low of $22.58...now just above $23.00. 13 days remain till June contract settlement. Prices...

Here is the Goldman Sachs article: https://economictimes.indiatimes.com/markets/commodities/news/goldman-sachs-says-it-remains-bullish-on-oil-prices-in-2021/articleshow/75529774.cms This forecast is for 2021....7 months from now.

WTI Crude up 18% or so on reports that the oil glut is being resolved and that Cushing, OK inventories are manageable. Questions still remain regarding the May 19th settlement for the June CL contract. https://www.rigzone.com/news/global_oil_glut_set_to_halve_in_may-04-may-2020-161965-article/...

Of course. Recent event has been OPEC (or GLOPEC) has reduced production. Market is hoping this will relieve pressure on inventory levels. Absolutely. Upside: inventory levels start to go down Downside: no more inventory space remaining...crude production must stop Trump hasn't played his...

We also have potential for a Trump tweet or announcement on the government paying domestic oil producers for reducing their drilling activities. Also, there is the possibility of Treasury Secretary Mnuchin announcing the opening of the strategic petroleum reserve (SPR) and/or the expansion of...

Both WTI (CL) and Brent crude up today on hopes that openings will result in increased demand. Bloomberg TV had a Texas Railroad commissioner on and he indicated they are NOT going to vote for proration/allocation of domestic oil production tomorrow.....and likely to let the market determine the...

Bloomberg Magazine had a recent article where a prominent analyst is calling $-100 for WTI (CL) by settlement...May 19th.

Unless we have a miracle recovery in demand, I think there's no place for CL to go except south.

You have a good source. CL was fairly strong last week, but now has opened very weak. Possibly there was a lot of short covering last week....dunno. The big wild card is what Trump is going to say and when he is going to say it....via tweet or announcement. He has already said he wants to...

This past week June CL tried several times to stay above the 20.00 level....and could not. That was quite a tell.

Guys - I know there is drama in the equity markets and ES. However, that is nowhere close to what's happening in the crude oil market (CL). We have the June contract expiration coming up on May 19th and it looks to be a doozy. Here are the relevant recent posts...

UCO was near $400 on 2/20/20....now hanging around $14... a 96% drop. Good luck. The good news is there is not a lot of downside left.