Bullish on oil? Heh... Tell me why!?

Forget all the "experts" aka Jim Rogers, Schiff etc? Somehow they are predicting the next Depression and at the same time say buy commodities? Heh?

Very weird logic by Marketwatch in this article:
More oil is put into storage, waiting for prices to rise

Oil producers, refiners and investors have put a record amount of crude oil into storage at a key delivery point as they try to profit from an unusual form of "super contango" that indicates the market expects prices to rise sharply by summer.
Inventories in Cushing, Okla., the delivery point for futures traded on the New York Mercantile Exchange, have jumped more than 40% in the month ended Jan. 2 to the highest level in at least four years.

Somehow the author's conclusion does not make sense to me...The only reason the contango exists is the lack of demand in the spot market and that's most definitely not bullish.

Maximum storage capacity in Cushing is about 42.4 million barrels, but only about 80%, or roughly 34 million barrels, of that is operable storage space, says Linda Rafield, senior analyst at Platt. With 32.182 million barrels now sitting in Cushing, the market appears poised to test the limits of storage capacity there.

What happens to the excess oil when inventories fill up completely? In my opinion despite all the doom and gloomer's predictions we have way too much oil supply out there and it's not going away any time soon. Read this article from Bespoke

Nothing about oil looks bullish to me at the moment!

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