WTI stuck at $20?

[Bob_W + 37]

Is there something keeping WTI from dropping below $20?

Despite the failure of OPEC and USA to significantly reduce output, decreasing storage capacity, and other worsening news, what's keeping WTI from dropping to $10?  Trader emotions?  Wishful thinking?  Someone propping it up?  Some hope of quickly returning to January demand volumes?  Someone has a trick up their sleeves?

I expected (but didn't bet too much on) a spike after last week's OPEC+ meeting, followed by a drop.  Although prices hovered far above $20 in anticipation, there was no spike.  And there was no drop...  Instead, it's still sitting there today at around $20.

Any insight is appreciated.

[Bob_W + 37]

Maybe I'm just impatient. 

[James Regan + 1,776]

On 4/16/2020 at 2:08 PM, Bob_W said:

Is there something keeping WTI from dropping below $20?

Despite the failure of OPEC and USA to significantly reduce output, decreasing storage capacity, and other worsening news, what's keeping WTI from dropping to $10?  Trader emotions?  Wishful thinking?  Someone propping it up?  Some hope of quickly returning to January demand volumes?  Someone has a trick up their sleeves?

 

Failure of OPEC and USA to reduce output is an understatement, the negligence of all are to blame, the market is supposedly being run on auto mode but its obviously being manipulated by the deep state who are making fortunes on long and short trading in a space of eight hours, the spike and free fall today deserves to be investigated and these bastards need to be tried for crimes against the oilfield.

While these fat cats are insider trading, good hard working people are losing everything and this abuse is taking place in the middle of a Pandemic.

Disgusting....