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Thinking Through the Recent $CL Movement
It's interesting to see $CL holding around the $68.78 mark today, given some of the ongoing global manufacturing data. While the intraday range of $68.08-$69.26 isn't huge, it feels like the market is still trying to find a solid direction after a few weeks of chop. I'm keeping an eye on how this consolidates, especially with broader inflation narratives potentially impacting demand forecasts. For now, not chasing, but it's definitely on the macro radar.
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I'm new to this, so forgive the question, but what's your take on how those manufacturing numbers usually correlate with oil prices? Is it a direct link, or are there other factors that typically weigh more heavily?