Up more than $2.00 today. The old high (in the futures) was $85.41. The way it's running, that's not far off. This is a big bottoming pattern. Some oil pundits been saying that recently: "The cheap stuff is all gone" Too bad the FED can't print some Crude Oil.
OK, that means Nov 2023 ??? Frankly, I don't think that matters. The chart I posted is monthly bars, 16 year range. I'm watching for a "paradigm shift" in commodity prices. (that means $WTIC at all time highs next few years). Time premiums don't matter much, I don't think.
1. N is July, and 2. An awful lot of professional Crude traders in Houston would beg to differ with you about the importance of Contango and Backwardation in the Crude markets.
Yes, I am aware how Contango and Backwardation work. I just don't trade futures contracts, so I don't follow those data points. You maybe correct. My apologies. My positions right now are in the AG space (grains). They are working OK (just slightly underperforming the $SPX past 18 months), without all the sleepless BS overnights of being in the $SPX.
$WTIC closed new recovery high today - $85.54. And $TNX strong close to $1.865 A very clear message to the FED, as in the old Chinese Proverb/Curse: "May you have an interesting day."
It's a major sell for me long term above 87.00, don't know if it's the top or not. Took over 100 tries selling Indexes and don't know if highs are in, but I stick with my rules since 1991. I love trading commodities long term.
Not that it's any of my business, but why do you think it's a major sell above $87.00 ?? Should oil producers be compelled to sell it to you at the old prices?