I think we could see a push to the 62-63 level then cool off.
The large specs that have been pushing this market up have appeared to start cooling off this week. snalaska.com/cot/current/charts/CL.png
Is this a meaningful return of the CL market or just a huge short cover/mean reversion trade? The fundamentals remain to be in the massive over supply camp and econ-101 would suggest we get another price dump as whatever supply is laying around will come on stream with higher prices.
No position.
The large specs that have been pushing this market up have appeared to start cooling off this week. snalaska.com/cot/current/charts/CL.png
Is this a meaningful return of the CL market or just a huge short cover/mean reversion trade? The fundamentals remain to be in the massive over supply camp and econ-101 would suggest we get another price dump as whatever supply is laying around will come on stream with higher prices.
No position.