CLQ0: Mapping Bullish Continuation
Further to the earlier ideas on the August delivery contract, I would like highlight the fact that it has now become the front contract of the Crude Light futures curve, and that it did so while being traded at plus 100% from its YTD low. When the June delivery contract went into negative, this contract was trading at around 20/bbl. Two months later it is trading above 440/BBL and seemingly bulls are still very much confident in their holdings. Buying the dips towards the 150% area from YTD low seems reasonable. This would mean another 25% gain from 40/bbl. The chart shows all of the relevant details on the above.
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