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Blue_Eyed_Owl
Nov 29, 2022 12:22 PM

Oil in Contango - First Time Since 2020 Short

NYMEX:CL2!-NYMEX:CL1!1M
CL2!-CL1!NYMEX

Description

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Forward looking contracts for CL1! and CL2! are now in Contango for Oil, first time since 2020.

Potentially a significant moment, it indicates an oversupply in the market so is bearish on current spot price.
Fundamental Analysis
Comments
beekeepersinc
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They can't stop pumping. They literally can't stop. They have to burn it if they don't use it
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