Co-produced with Trapping Value
Oil has had a rather tumultuous few months. While the year started off with promises of $70/barrel for West Texas Intermediate, or WTI, things went south rather quickly as the pandemic coincided with an oil price war. While prices did go briefly negative, the stories spun were that oil could go to negative $100/barrel. The media hit maximum bearishness just as prices bottomed. As it often happens, markets refuse to go down when peak pessimism is hit and the rebound was ferocious as the price rebounded to $40/barrel over the next