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WTI Crude Oil has not seen it's 2016 low as of this date imho. That said, WTI is likely to out-perform the S&P500 over the next 18 to 36 months. Below $25 is more than likely a good area to begin long-term accumulation of oil. I am a seller of less than 30 days out puts below $25
It seems the market in general is priced at what the masses are willing to sell/buy at on any given day. Oil will be no different regardless of physical supply. Since the price of is publicly traded, it's more subject to fluctuations of buyers and sellers not stockpiles. So the real question is, Are legitimate buyers stepping in yet? Looking at the volume and price action over the past 2 months alone, I'd say we are very very close to a bottom, and at worst a mini bounce.
I am just amazed how Equities are following Crude Oil, specially during RTH. If you know how to trade CL, you got the key to Indices and Bonds.
I wish I knew how lol. For now I am just following my good old system on ES.