Currently: Long Looking to: Sell @ $36
As of 3/29/20 @ 7:28pm EST: $20.34
LAST WEEK: We suggested buying at last weeks levels (near $23.66) with stops on a close below $20 and with an upside target of $38.
UPDATE: Crude is pushing things to the downside as we begin this week. That comes after a bit of a rally early last week but nothing that was sustainable.
With the US virus relief package that Congress passed and that Trump signed, there was a lack of funds allocated to either purchase crude oil for the Strategic Petroleum Reserve or to propping up struggling energy sector companies. With a lackluster response to the package being passed, though, Trump may turn his sites to working something out with OPEC and Russia. We would still be buying crude down near the lows in anticipation of a rally to $36 playing out.