Oil sure is cheap, I don't think it can get much lower

You should consider the date of his post.

 

April Crude traded $20.06 today.

 

Gasoline selling for $1.17 a gallon in OK City today https://www.gasbuddy.com/GasPrices/Oklahoma

 

Biggest Oil Glut in History https://oilprice.com/Energy/Crude-Oil/Largest-Oil-Glut-In-History-Could-Force-Oil-Even-Lower.html

Could Oil go to $10 https://oilprice.com/Energy/Energy-General/Is-10-Oil-On-The-Horizon.html

 

The back end of the curve is trading about $10 higher than the prompt months.

 

Well that was fast! I think we'll see $30/barrel before too long with the right kind of press.

 

Hell of a bounce, that is for sure.

 

It's already there starting with Oct 20. Look at the curve. Sept 21 is trading the $35 handle.

 

Hard to imagine https://finance.yahoo.com/news/very-real-prospect-5-oil-200000207.html

 

Big buyers of Jun20 WTI 5, 3, and 2 dollar strike puts came in Friday. Someone (maybe a desperate high cost producer or maybe just a crazy speculator) They were paying up (lifting the "hard offer" for these downside strikes.

As we approach these ungodly low strikes the selling (from massive short gamma positions) will accelerate and they will be self-fulfilling purchases. So $5 WTI crude oil prices are a real possibility.