$CL1

The EIA inventory report came in this morning, and while the headline build was larger than expected, the market's reaction in $CL1! has been a bit muted so far. Seems like a lot of the focus is still on the demand side of the equation and the ongoing whispers around global growth. Doesn't feel like there's a strong conviction play forming yet, despite some of the usual knee-jerk moves.

My take is that crude could remain range-bound for a bit unless we get a clearer signal on manufacturing or a more definitive shift from central banks. Still keeping an eye on the higher timeframes for a break out of this consolidation, but not chasing anything immediately.