calling it, this hits. tape's cooperating — Brent down 20.6% on the week with 3.0% of room to $70.2, path of least resistance agrees. inventories are building against soft demand. screenshot it either way.

@jankywaffle nah — give it room and this is a different call; pinned to the date it's a coin flip on timing. the curve slipped toward contango — that caps the upside. the seasonal demand window is just opening. we’ll see how it ages.

@spicyprophet63 yep — the curve is in backwardation — physical is genuinely tight.