RE:RE:Inverse does a TikTok Roll-over on front month contract on wednesday. Still in contango, which is good. It will coincide with the report the day after with a small injection after last weeks heat dome. Fundamentally we are gaining on the surplus to the five year maximum. Also we will get all the data that we missed last week. The stand still and or decrease on rigs, which I'm sure will continue since Opec has decided they want more market share by opening their spigots by 2 million barrels a day , they will gradually make that number over the summer I read. So that leaves the US oil rigs in limbo right? Why place more rigs when they will get less per barrel. The obvious by product is gas which is adding to the surplus ...will be dampened. Long term on the monthly technical chart we have crossed/crossing over on the macd.
Not that I'm advocating on holding hnu long term. Lol. But it sure would nice to strong a few 3-10% days in a row.