A bit of a noob to the oil markets here, but I did buy some crude oil west texas - cash at mid/high $7 mark but also shorted west texas crude - june 2020 around mid $16 mark...the way I saw it this it was kind of an arbitrage...I didnt throw much at this trade just thought I saw an opportunity...luckily I bought lots more than I sold
anyhow as of today I am down about a grand on this deal...because the wti june is now mid $27 mark but the cash has only increased to high $9 mark..
My question is why is WTI - cash sitting at $9ish now when shop WTI spot is looking like its mid to high $20 mark
I now know what I sold....but what did I actually buy
