I agree, things don’t look amazing, but a July contract in the $1.80s is also insanely cheap historically. I believe crude will start to top out here by $35 which will still cause many tankers go offline. Unless we have terribly mild weather the next 6 weeks, I think natty starts to rally in the next 2 weeks.
I agree on the 5 day roll being incredibly predatory. Given I already have a position here, I truly hope July doesn’t come down to hit the $1.60 range itself. Ugaz would be under $10. I’m expecting a similar run to what we spoke of in May-June 2016. Very similar setup. Just need a spark.
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