Friday Wrap
Energy equities held up better than crude itself, which suggests investors see the commodity weakness as more temporary than the futures tape implies.
Source post
CL1 $69.83 -9.7% | Brent $72.72 -9.8% on the week. USO -4.8% | BNO -4.6% XLE +0.6% | XOP +0.9% See signals before the move -> See signals before the move ->
Follow-up context
Energy equities held up better than crude itself, which suggests investors see the commodity weakness as more temporary than the futures tape implies.
More notes in the system
Wednesday EIA Check
Commercial US crude stocks are at 723.1 MMbbl (+11.3 w/w). SPR sits at 298.7 MMbbl, putting total crude stocks at 1021.8 MMbbl. Commercial: 723.1 MMbbl (+11.3 w/w) SPR: 298.7 MMbbl (-6.1 w/w)
Monday Setup
WTI M1-M2 is sitting at 0.83$/bbl with a -0.44 move over the last five sessions. WTI M1-M2: 0.83$/bbl 5-session move: -0.44 Monday setup: start with prompt WTI structure so the week begins from a balance read, not just a headline price level.
Friday Wrap
CL1 $82.09 +4.2% | Brent $87.64 +3.8% on the week. USO +6.0% | BNO +6.0% XLE +6.2% | XOP +7.7% What this means: Crude and energy equities moved together to the upside, which is a cleaner bullish confirmation than a commodities-only bounce.