Mark this date: 22nd of June ⚠️
On this date those who are short WTI futures won’t find enough crude oil stored at Cushing to deliver, they will either be forced to rush in the spot market to make deliveries or close their positions potentially igniting a squeeze
The whole market is currently heavily short oil via speculative contracts, both institutional and retail (~130% UCO short interest SCO ETFs AUM outright give a good idea of the magnitude)
Oil traders and oil executives know this is coming and no development on the diplomatic front will make any difference
People can make up numbers, pretend to sign 56 peace deals and trade on whatever post they want, but this is how the reality looks like. Just look at the picture of the nearly empty crude oil tanks in Cushing, a more and more common sight in many places around the world.