Last week opened with a tremendous capitulation in the oil markets and it has yet to fully recover. The March contract traded below -$40.00. It expired nearly worthless a day later. Owners of the contract either had to pay people to take it from them or take delivery on the oil. This dragged the entire crude complex lower, with CFDs on Crude Oil closing the week -6.5% near $17.00. were horrible once again near -4,400,000, however, they are trending better over the last 4 weeks. This week will bring , , and meetings, as well as a slew of earnings and our first look at US Q1 . In addition, it’s Golden Week in Japan. Watch for potential larger rolls and lower liquidity/volume during the Asian session.
Will crude oil ever trade back above $40 (fill the gap)? There is an abundance of oil in the market right now. It is stored in any place producers can find, . The March contract traded below -$40 last week because there was so much oil. Although OPEC++ agreed to cut production…
