Crude largely resists downward
Even the difficult days are impressive for oil.
WTI crude oil fell to $ 30.72 earlier today, but climbed to $ 33.11, down 2.4% only after falling more than 9%.
Seen one way, petroleum earned nearly $ 75 in one month. Even if you exclude the events around April 20, the rally from $ 10 was a spectacular one-way exchange.
I am impressed and surprised at the magnitude of the rebound and the speed with which the market has rebalanced. With that, I am very skeptical about its ability to take into account the extent of the destruction of demand and all the crude on the ships.
That said, it is a difficult trend to combat. I am watching the mid-March high of $ 36.25 as a key resistance closely.