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https://markets.businessinsider.com/commodities/news/oil-price-plunges-dismal-outlooks-global-demand-continue-coronavirus-opec-2020-4-1029102492 WTI Spot price is $17.49. Nothing but gloom and doom in the oil market.

This puts the shorts on edge for sure.

According to the rollover rules, June CL is now the front contract. When it rolled over at 6 pm, it brought about a $6 per barrel premium over the May contract. June CL now down 60 cents from the opening to around $24.90.

I got it. I hate rollovers....must adjust my platform.

https://www.statnews.com/2020/04/16/early-peek-at-data-on-gilead-coronavirus-drug-suggests-patients-are-responding-to-treatment/ This is all due to the latest test results with Gilead's drug Remdesivir which were positive.

CL bottomed at 19.42 today. It then bounced to 19.80. Now falling back again. There just doesn't seem to be a bid for this market.

CL just made a low of day at $19.59...struggling to stay in the 20's.

CL double-bottomed at $19.70 level this morning.....now at $20.10. It's not strong by any means, but it's not tanking either.

$19.80-$19.90 level seems to be the line in the sand now for the oil bulls. Government is now supporting oil.

This is just the start of a barrage of announcements from the government in regards to the crude oil crisis. Today they announced a program to pay producers to stop drilling. Next up: expansion of the SPR. Any and all announcements meant to burn the shorts in the futures markets. Indeed, CL...

I am surprised you didn't bail-out at the 2790 level this afternoon.

Crude (CL) holding above $20.00 on recent news that the federal government is contemplating a program to pay oil drillers not to drill. I can't find the article online.

The move up to 2792 lasted like several nanoseconds. Straight down after that level was hit.

CL just collapsed 80 cents in only 5 minutes. Very volatile right now.

Exactly. Today's market "smells" of the Feds buying CL futures. After the EIA report, we should be in the 19's or lower....instead we are hanging in the 20's. Sniff, sniff.

HOA (high of afternoon) 2784 lasted like nanoseconds....LOL....so your call looks good right now.

CL zooming back to the 20's. Did I miss some news or what ? Short covering ?

http://ir.eia.gov/wpsr/wpsrsummary.pdf EIA inventory report: 19.2 million barrel increase Crude market initially took the news pretty well.....actually went up. Now back under $20.

CL bounced off the $19.50 level three times this morning....now back to $20.

I would have to agree, especially with some of the totally excellent traders here.