Quick breakdown of where CL sits heading into Monday:
    
    WTI ~$66.50. Stuck in a range.
    
    Bear case:
    - EIA/IEA both forecasting massive supply surplus in 2026 (2.4M bbl/day increase)
    - Brent forecast down to $56-58 avg for the year
    - OPEC+ increasing production targets
    - Inventories building week after week
    
    Bull case:
    - Russia sanctions finally biting — shadow fleet under real pressure for the first time
    - Venezuela exports halted since December
    - Iran instability
    - Short positioning is crowded — squeeze potential on any headline
    
    Key levels I'm watching:
    - Support: $64 / $62
    - Resistance: $68 / $70
    
    I'm neutral-bearish bias but not married to it. One Russia headline flips this $5 in a session.
    
    EIA petroleum report Wednesday, natgas storage Thursday. Both could move things.
    
    What are you guys seeing? Anyone trading energy this week?
    

    Crude oil setup going into next week — bearish macro vs bullish geopolitics
    byu/True-Concept8714 inoil



    Posted by True-Concept8714

    Leave A Reply
    Share via