Double-top?
Second-month crude is now flat on teh day at $39.06 after rising as high as $40.60.
We never quite closed the gap from March but there's a threat of a double-top near $40 now. Gasbuddy relayed to me today that y/y declines in US gasoline consumption are still down 18-23% y/y depending on the state.
With that and talk of OPEC limiting curbs and shale coming back online, there's cause for concern. Obviously the biggest thing is the resurgence in the virus in the US and the potential for a new round of fears.
