I agree fully that the spread needs to narrow, hence I think that brent falls of a cliff, and CL will decline slowly Of course - like you Im talking up my own position
Another case of stop-itis, damn! Would have re-entered, but Team Sweden (if you know what I mean) got me distracted... jeeeezzzz
No real conviction either way! its a great day for scalping 7-12 ticks moves continuously in all this choppy movement BTW - WTI has been in an 183 tick range for the last 5 days! Thats pretty narrow considering the levels we are at, and the historical volatility of the product.
How low? 90K April + 30K May --- Kid: I know, meant to say that May is starting to suck some of the volume out of April
.60 spread May/ June I'll keep an eye on it http://www.cmegroup.com/trading/energy/crude-oil/light-sweet-crude.html Picaso- relatively low