Looking at the chart you can see that the CL future spread is reaching an extreme we have not seen since 2011. This is interesting because it is an alternative way to play crude with less risk. I do believe this spread has some more room do the down side. But keep an eye on it because once crude finally does bottom and spike to the upside, this spread should also follow that.
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tradecap
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You need to look at the spread as a % of the price. $2 spread on $100 oil price vs $2 spread on $40 oil price are totally different