Refiners talking supply glut in the summer, wow. Deflation.

We have a fascinating confluence of support here in the $78 zone. Monthly Weekly and Daily! This is so funny.

Thanks! Looks like we have a draw but the USD looks poised to come up from a weekly supoort also. Summer driving and supply cuts but the transport stocks and China not strong. $78 next?

I see a double top at the $84 area. Could max out at $86 next week and then down.

Short it.

Those production cuts will start a deficit during peak summer season. $77?

Those are economic crash prices which may be in September.

Driving season to begin soon. I think it is building a base to go higher.

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The dollar index and volatility are lower so it's a supportive market environment for $78 in a couple weeks.

The API data just released was bad. Plus 4 million barrels. We will see tomorrow with the IEA report.

Use the VIX and DXY as inverse indicators. Volatility and the dollar up, risk assets down.

Oh, I'm buying here before the API report today. They are sinking it down on the premise the Saudis will be phasing out cuts in the future. Just in time for the driving season to flush all buyers out.

Now it's a buy at $73.50. Flushing everyone out before driving season begins.

We have a few bearish factors: Oversupply, interest rates held at the higher range and decreasing inflation.

Support at the 200 day MA zone.

I use UCO., also long here. The Saudis are looking to continue the output cuts because of the over supply. Oil is the safest investment.

Biden is releasing the SPR and volatility and the US dollar are moving up. We have a ways to go, maybe $74?

3 touches on the H4 at the $76.50 zone. Seems to be a respected level so far.

WTI also, $85 zone and down