The front month May contract is still negative at -$1.82
It's pretty much a slippery slope once again, after what we saw with the May contract when the $20 level gave way. It's stunning to see the contango but much like how it always settles itself, the far end is chasing the front end it would seem.
These are unprecedented times in the market and one would think that a fall into the single digits here would be too obvious a play.
But on the other hand, if there are people paying to unload oil at settlement like we saw yesterday, it's hard to make sense of why prices should just switch to $20 tomorrow.
That said, it's rollover/expiry time and these are always the trickiest to make sense of.
