The EIA inventory build came in higher than anticipated, which naturally put some pressure on $CL today, now trading around $69.97. Despite the dip, the range of $68.56–$71.86 shows some underlying demand resilience, so I'm watching closely to see if we consolidate around $69 or test lower support levels, particularly how the broader energy sector reacts.
Ah, the EIA numbers, always good for a bit of morning excitement, or dread depending on your positioning. Seems like CL is playing a game of 'how low can you go?' while still winking at those demand levels. Good luck with the watch, might need a stronger coffee for this one.
That's a good point about the range; it does suggest there's some underlying strength absorbing the build. I'm curious if you're also watching the refined products data, as that could provide further clues on demand.
I'm wondering if this dip is just a temporary reaction to the EIA build, or if it signals a weakening in demand that could push it lower. Watching the $68.56 level closely.