The point is that contango is like a slow trickle that decays your value. That doesn't mean it can't go up due to larger fluctuating factors. But over time is does go down while in that state, so it's not a buy and hold play.
Basically you need the virus situation to abate, along with OPEC price wars to end. And it needs to happen very soon (check the spread between front month and next month oil futures).
Basically you need the virus situation to abate, along with OPEC price wars to end. And it needs to happen very soon (check the spread between front month and next month oil futures).