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Crude Oil WTI Futures - Jun 24 (CLM4)

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Currency in USD
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83.70
+0.13(+0.16%)
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Crude Oil WTI Futures Discussions

Can someone please explain why oil is not up!? I thought Asia would be buyers aren't they one of the major users of crude oil and as of now have the lowest infection rates in the world?
As many uneducated people in the world believe "opening" means everything back to previous levels, it is difficult to explain to them the concept of a globalized, interchained world. Yes, you can avoid lock downs - so did Sweden, but OH NO, how come? Their economy is also going down at about the same rate as Germany which had a lock down!!! Oh wow, could it be because having a couple of bars and restaurants open doesn't really help many industries that are relying on purchases, parts and in- as well as output to other parts in the world that are heavily affected? Listen, air traffic is still down immensely, ship movement down big, industrial production down a lot - all this means oil demand down while there was an overproduction already BEFORE the Corona situation. You are buying into the narrative of a manipulating cartel and hoping for their success to force the world into artificially set oil prices. Now deal with it
  Don't post your fear mongering. Oil is not be manipulated. If it stayed under 20 for these last 3 months you think Shale would be still selling it at a loss each barrel. Cuts were inevitable. At 40 a barrel even if its profitable to continue pumping it isnt profitable to invest in future production. All this drop did was create more upside for future highs in oil price moving forward.
Cyber Bull may be right but with rising cases any front month will be under pressure. I would assume longer dated contracts may be increasing in value. I still see a contango situation for the time being. And not a deep backwardation as Russia suggests
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