Stocks and Precious Metals Charts – Heartless – Harden Not Your Hearts

from Jesse’s Café Américain

The big tickle today was the price of oil, specifically West Texas Intermediate Crude.

People were getting exercised by the deeply negative print on the May futures contract in the negative $30’s range. lol

Deflation, OMG!! We’re doomed!

The contract front month is rolling over from May to June, and those trying to unload and/or roll the May contracts are getting skinned alive, because no one wants to take delivery of oil. There is a glut and storage is at a premium.

The June contract is around $21, which while still low by recent history, is still reflective of the intra-OPEC+ price war and the glut of oil because of the slack demand for oil products because of the virus lockdowns.

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