Source post
CL1 $85.24 -5.8% | Brent $88.37 -10.2% on the week. USO -8.6% | BNO -7.1% XLE -0.7% | XOP -0.4% What this means: Crude and energy equities diverged just enough that the market still looks selective rather than one-way.
Follow-up context
See signals before the move ->
Crude and energy equities diverged just enough that the market still looks selective rather than one-way.
More notes in the system
Wednesday EIA Check
Commercial US crude stocks are at 723.1 MMbbl (+11.3 w/w). SPR sits at 298.7 MMbbl, putting total crude stocks at 1021.8 MMbbl. Commercial: 723.1 MMbbl (+11.3 w/w) SPR: 298.7 MMbbl (-6.1 w/w)
Monday Setup
WTI M1-M2 is sitting at 0.83$/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.