Oil is in a dead cat bounce
Or a short squeeze. I say this bounce in WTI and Brent is only temporary and we'll see the price collapse before the end of June. The futures pricing will drop along with it. I’m certainly in the sub $40 camp on WTI spot before we see $60.
There continues to be a net weekly build in supply and while this weeks number was lower than expected, remember last week's 10 million barrel build.
I’m going to be selling all my oil stocks in the next month or buying puts on the oil price as insurance.
This is just a prediction. Perhaps I’ll repost this at the end of June and we’ll see if I’m right or wrong; smiling or eating humble pie.