For now price is in equilibrium but crude oil production pushes fresh all time highs every week. I recently heard that the Saudis are continuing to ramp up their production in an effort to drive down prices. Why have prices remained so firm in the oil patch? I think it is because of the magnitudes of speculators piling in hoping for the bottom in crude. Recency Bias of $100 still fresh in their minds.
Regardless, Crude is trading at the top end of it's range on a day where the USD was very strong. Placing a stop above recent highs and playing for the breakdown of this long sideways consolidation provides excellent Risk/Reward for Shorting Crude Oil .
Current /CL Report: http://s23.postimg.org/sn8ru3abf/image.png