WTIC, weekly
WTIC, monthly
Summary
The current rally is arguably no different to those periodically seen last year, with the broader trend remaining bearish.
The $26s look no more a floor than the low from last August, when many touted the $37s as the floor.
In terms of downside...
On a break <26, first target is the psy' level of $20, with secondary target zone of $16/15.
Considering overall demand, but more importantly.. supply issues, the mid teens look highly probable.
How fast the energy industry capitulates - with mid tier (listed) bankruptcies.. is difficult to say.
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Looking ahead
Tuesday has nothing of significance scheduled, and price action will likely be even more subdued than today.
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Goodnight from London