Must read....deep pockets attempt to cool Oil to buy dip??Here is an article worth reading...those looking at the numbers can see...what I mentioned earlier cushing could be in dangerous territory....
Question the computerized sell-off trying to steal your shares...
Reference:
https://www.zerohedge.com/commodities/jpm-we-could-be-just-weeks-away-cushing-being-out-crude Back in April 2020, the landlocked West Texas Intermediate crude oil price briefly crashed into negative territory - an unprecedented turn of events that cost traders massive losses - when the spot oil market found itself with an unprecedented glut as there was literally too much oil to be stored for a brief period of time, and as such those traders who were assigned delivery would pay others just to take the oil off their hands. Well, in just a few weeks we may see the opposite scenario: no physical oil at all in the US, leading to what may be a superspike in the price of oil.
In a note predicting the near-term dynamics of the oil market, JPMorgan's commodity Natasha Kaneva writes that in a world of pervasive nat gas and coal shortages which are forcing the power sector to increasingly turn to oil (boosting demand by 750bkd during winter and drawing inventory by 2.1mmb/d in Nov and Dec), Cushing oil storage - which just dropped to 31.2mm barrels, the lowest since 2018...
... may be just weeks from being "effectively out of crude." The bank's conclusion: "if nothing were to change in the Cushing balance over the next two months, we might expect front WTI spreads to spike to record highs—a “super backwardation” scenario."