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YPby u/yan_p·1moAnalysis

Watching Crude Oil after the EIA numbers

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.

3 comments · 3 points

3 Comments

NRu/nikhil_r·1mo

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.

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DWu/david_w·1mo

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.

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MFu/marcus_fxUnited Kingdom·1mo

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.

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