July Crude trading the $39 handle, forward curve has just a slight tinge of Contango, and the June jobs report is going to be a ripper. As was May in case you are secluded without a market news feed.
And I never got a chance to fill up under $2.00 a gallon when oil went to zero....now everyone buying oil like its going to $85
Been wonderful ride, including UCO, crude fill the gap perhaps and hopefully retrace to add. Going up too fast.
We are trading in the GAP left from the first weekend in March. Now that we are here, are we going to fail to close the gap this time? or will we continue forward , filling the gap. Fundamentally, in order to fill the gap, demand in the short run will need to outstrip supply, not withstanding, a potential short squeeze. The Market structure is currently normal, in Contango ( deferred months prices are higher than spot month) remember we are now in driving season and driving, is now, once again allowed. this will help "burn off" the excess fuel left from oversupply. Keep an eye on the weekly Baker Hughes Rig counts to assist in your analysis of the supply side of the equation, higher week over week changes, pull this depressed sector of our economy up little by little. Oh and by the way pay attention to the open interest changes , December 2021 already has 136194 in open interest as of yesterdays close. That is more than October 2020.