They don't, it's just because may contract has converged to spot price.
May contract expires tonight after which we will see oil priced in the June contract.
Basically tomorrow oil will be above $20 again.
(We need it 40-50)
Don't be too concerned what oil did yesterday / tonight.
Supply cuts start next month, and economies are starting up. By my calcs we will be balanced and have removed the excess surplus by year end. The question is will we survive till then...
SEA Price at posting:
16.5¢ Sentiment: Buy Disclosure: Held
