I had expected May CL to have tested $62.85 by now, but the marginal new multi-day low today at $62.99 was met with surprisingly high book thickening. Additionally, OVX did not make a higher high today despite CL making a marginal low which aligns with decreased volatility related to a thick order book. This liquidity may suggest widespread confidence in a bullish EIA number tomorrow, especially on the gasoline side since the crack spread trended significantly higher since last week and the gasoline inventory draw was much larger than expected.
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