It is very easy to side with the news on oil right now that there is a historical over supply (so much so we have no place to store it any longer, and even considering paying producers to leave it in the ground) and we have a historical drop in demand...so any guesses on what the "news" will be to push oil prices wildly upwards?
In the longer term, the bankruptcies and capex cuts going on every day in the space--a lagging supply constrictor. Should be fuel to propel WTI to 80s when people start flying and driving again.
Guess it depends where you dwell online.
My bet was already in...however, I do think once we start seeing the news like this proliferate we will see an odd swing by Wednesday or Friday. Still my question was sincere, if we see a swing, I don't know what the markets rationale would be...that said where can it go from negative but up
But yeah it seems like a short-term storage problem and it should bounce back, if your bet was something else it may yet pay off.
Oil gult takes 3-4 years to clear.
Now is a good time to bet on consumption, not on commodities.