You're trading the Brent Last Day Financial Contract. Which is financially settled against the last ICE Brent Contract trading day. The Sept BZ contract has traded a little over 12K today. https://www.cmegroup.com/trading/en...ude-oil-last-day_contract_specifications.html I'm trading spreads, so I require the forward curve liquidity of the ICE and Nymex physical contracts.
I think oil will increase as the economy regains everythings and gets better. It is difficult to predict anything right now because of the uncertainty prevailing in the market.
US Stock markets punching out highs, gold trading at record levels, and world crude oil still a solid twenty dollars off 2018 and 2019 levels, never mind all time highs. So much supply.
Oil broke out a bit more today out of 200 MA. Bank of America is also bullish on oil, saying it'll be 60 in first half of 2021.: https://oilprice.com/Energy/Energy-General/Bank-Of-America-Brent-Will-Recover-To-60-In-H1-2021.html For me it's not so much where it is per se compared to previous highs, but how much it goes up from where I bought it, and how safe it is, whether it'll crash down from these level. We already went up over 100% from the lows, and I think we got another 40 or 50% in the next year. When it goes up it seems to go by big amounts. Assuming oil consumption picks up to near old levels, I don't think we'll easily see these levels again. I see these levels more or less as the normal bottom, so not a bad place to get in still. Gold and stock market also look interesting. Silver also looks very good, making bigger moves than gold it seems.
Looks like w'ere likely to revisit $35 or even $30 in WTI before we see $45 and beyond. https://seekingalpha.com/article/4373670-wti-likely-to-move-and-retest-35
Yes, I think chart looks pretty weak still. Might see 35 brent before it goes higher. Don't think we'll be seeing 20's brent again though.
%% Long term, oil looks better than shady solar. Ask the state of CA with their feeble attempt to ramrod clean energy with power shortages galore. But if people keep leaving CA, could work , maybe.LOL Not a prediction.