It’s all in the minds of the players. If you are reading minds clearly today you might hit; if not, the odds are not so good. Gasoline is also up, a new high I think, too bad since it was down and diesel was actually down at the pump for a day or so.
Bubbles depend on mindset, but the mindset comes from the fundamentals plus the emotions, like greed. In this case the fundamentals for oil are very bad short term. We will run out in the long run, but in the short run there’s a supply chain glut and a recession (unemployment popped up today). So the price will come down, just a matter of when.
It was and it still is. It was a bubble.