Excerpt from MarketWatch quoting DataTrek’s Nick Colas:
…. “DataTrek Research co-founder Nicholas Colas said WTI futures contracts for September and beyond are still priced above $30, suggesting a strong rebound in oil prices once the storage issues have passed.
“Those quotes signal confidence that today was an outlier event and energy commodity prices will slowly rise over the balance of 2020; that fits with what equity prices are saying as well,” Colas said.
He noted that even with crude prices trading as low as negative $40 per barrel on Monday, energy sector stocks are still well off their 2020 lows”….
Read the full article here on MarketWatch!