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Melissa Lee now back at CNBC. Why was she gone for about 4 weeks ?

That was a heckuva call...2786 to 2812.

CL moved to 18.00 but couldn't hold that level. It then dove to 15.79 and is now recovering near 17.00. Volatile day to say the least.

Amazing we aren't down more. Anyone feel that the PPT is hard at work today ?

Market likely anticipating even worse numbers.

You are right, but there are still some nice moves and swings during the RTH which I trade.

CL has made an orderly rebound to the 17.00 level as every pullback has been bot. However, given the fundies, I would be amazed if this thing gets back to the 20.00 level any time soon.

https://www.cmegroup.com/trading/energy/crude-oil/light-sweet-crude_product_calendar_futures.html Settlement actually stated as May 19th. We should all be riveted to that date. Records could be in the making.

Down 26 points after the 15:50 PM high of 2808.

Hit 2808.....close enough. Just a terrific call...congrats....well done !

Yeah, but he can't burn his bridges.....we will still be dependent on Saudi oil after the recession. Note: see comment about embargo.....very, very bad.

June WTI now confidently resting in the low 14's....a bit high for market conditions IMHO. I think we need to see single digits by June expiration on 5/22. Selling all interim rallies may be appropriate.

NQ on fire today....up 2.8%. Every dip has been bot.

Great article on crude oil : https://research.privco.com/we-will-all-be-swimming-in-oil-75689971dbc7 OPEC should have started the cut-backs in March. Now they must cut-back even more than $10M BBLS per day. Tariffs on OPEC imports unlikely....would ruin trade relations. We are pretty much screwed.

No vaccine until summer 2021. https://www.livescience.com/coronavirus-covid-19-vaccine-timeline.html

Lots of drama right now at the 15.00 level. Reports of more production cut-backs could spark this market. However, the CME now showing options prices with negative strike prices is not a good sign.

Latest EIA report (today). http://ir.eia.gov/wpsr/overview.pdf Note that the implied SPR level is 635 million BBLS. I understand the capacity to be around 750 million BBLS.

That's too bad....the 16 level held for about a nanosecond....LOL. 13.60-80 level held pretty well after the EIA report.

From the last EIA report, the SPR has 150 million BBLS remaining. So it will fill up in 75 days @ 2 million BBLS per day.