John Kilduff, founding partner at New York energy hedge fund Again Capital, concurred with that view. He said production cuts of 9.7 million barrels per day planned by global oil producers like the United States, Saudi Arabia and Russia fell woefully short of demand loss projected at up to 30 million barrels daily.
“In my opinion, the June WTI contract will repeat what May did,” Kilduff said. “It will grind lower and lower and lower into expiration and probably turn negative at some point in time.”