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Bank of Montreal ZC SP ETN REDEEM 25/03/2039 USD 50 - Ser E YGRN
Originally published April 20, 2020
If you've been alarmed by the headline "Oil plunges below $10/bbl," don't be.
Chart #1
It's only a temporary phenomenon, brought on by the sudden collapse of oil demand (see Chart #4 in my previous post for more info). As Chart #1 shows, it's only the front-month oil contract (yellow) that has plunged. The December '20 contract (white) has actually been rallying since its March 18 low. The problem is a lack of storage, which has forced those were long the front contract to get out of their position (i.e.,