Rolling in the Deep…..
It seems an eternity since West Texas Intermediate (WTI) May Futures traded at minus $40/bbl. Today, a similar contract is plus $42/bbl. Incidences such as these do not occur in isolation. Further disruption in the oil patch is not out of the question following the catastrophic events of April 2020. At this point it is more likely that Brent will get weaker in absolute terms whilst WTI is more likely to be range bound around currently levels of approximately $40/bbl. Traders should be very wary. “Rolling in the Deep…” provides directional indicators in this regard.
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