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CLU0: Sideways Action

CLU0: Sideways Action

The futures curve being in contango, the new front-month contract is yet to test the supply around the 100% up area from its YTD low. Furthermore, 50% of the YTD range is also around where this contract is currently trading. These factors are expected to imply an increased interest to square off long exposure aka selling their longs. So far, the price action is suggesting that there is new long interest hitting the bids piling up from the orders of those selling their oil holdings. There is a potential here to slide down to the +50% area from YTD low. Caution is advised.

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