CL Journal

Well, here we are at 62.

Looking back at the OP, I see that the trade is exactly 8 months old! Impressive.

Inventory report is tomorrow morning.

 

It is today, actually. 11AM ET.

 

Thanks. I stand corrected. That's what I get for staying up all night.

 

Thanks.

 

Currently 62.22. We are in the process of cracking 62 and leaving it behind, Continuing long here.

 

Uptrend intact --Last print 64.44. Staying Long

 

Right now, long is the way to be unless we were to drop below 54.

 

Maintaining long here. Current pricing@ 66.30

 

My gut tells me to use caution here on longing. As we have seen in the past, with this current basin bonanza, supply is gonna' go up as all the US drillers get raunchy on these higher price bumps. We're hitting summertime too, so less need for refined products, thus less need for the base.

This is my uneducated guess. Drop it back to $57, then go back in long.

 

I've been long since 52 and got more long @ 56 (w/ Calls)
I started hedging with options this morning. Elliott charts showed CL could be consolidating at 63 to 65 price point for 2 months till March. Saudi effect giving it support from supply news resistance or whatever fundamental is saying. Hopefully the iron fly's will finance the theta decay on my long calls.

@Buy1Sell2 what does the chart tell ya?