Continued the rally to the upside
the price of WTI crude oil futures are now up 20.4% on the day. The contract is up $4.16 at $24.54. The high price just reached $24.63.
The July contract is also higher but at a slower pace. It is up $3.50 or 15.36% at $26.30.
With the front contract up more than the 2nd contract, the spread between the two contracts is narrowing. It currently it is around $1.80.
Technically, the price is getting closer to the 61.8% retracement of the move down from the January 2020 high to the April low. That level comes in at $25.17. Just above that it is the 50 day moving average at $25.51. I would expect that sellers might look to lean against that area on the 1st test with stops on a move above. However be aware for fast-markets in which case, don’t be so anxious to sell until the volatility runs its course (and there is a fail above the area).
