Oil Prices on a Summer Road Trip
With the Northern Hemisphere warming up, the oil market feels the breeze behind it—WTI crude has jumped a cool 13% since those low marks on 4 June.
From Stormy Lows to Sunny Gains
- Crude prices bounced off the $72 floor, regaining a chunk of the dip that hit the market between April and June.
- The rally has erased many of the steep bottom‑picks and has left traders with one of the biggest bearish positions in recent memory.
- Demand’s got a serious comeback, and a hard‑hitting 8.8 million‑barrel inventory draw last week cemented the price lift.
Chasing the Top as Prices Turn Up
The trend is on the rise and the momentum’s building. Systematic traders (CTAs) are ushering in a new bull run, especially as the price breaches the $81 threshold. A classic “strength‑begets‑strength” story.
Why The Curve Matters
The crude futures curve is deeply backwardated, meaning traders get a good kick‑back from holding front‑month WTI contracts. With the position still low, the carry proves a clean incentive to stay long.
What’s on the Horizon?
Near‑term signs look bright. Pick up on pullbacks for bite‑size bets and watch for a push toward the $85 mark—maybe even peel back to the April highs of $87.63.
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