“The May close of futures is taking place, and against this background there is an active speculative game. This is not about oil at all, anything could have been in place of the oil. Since oil is a product that is actively sold and bought, there is an active game of speculators. To how the vaults are filled, it has an indirect relationship. While there is no peak of storage filling, the backlog still remains. According to forecasts, they will end in mid-May, another three-plus weeks, ”said Pikin.
According to the expert, the further situation in the oil market is difficult to predict due to the unstable economic situation.
“Exchange players have taken a position to lower everything down,” the specialist explained.
During the auction on April 20, the cost of May futures for WTI crude oil became negative.