Technical:
- strong mirror support.
- false breakdown below that mirror support and retest from above.
Fundamental:
- number of futures contracts increasing from recent lows; / long
- seasonal refinery maintenance (now) will finish in Nov-Dec ; / long
- end of China's lockdowns; / long
- price cap on Russian oil; / long
- OPEC+ 2MMbls/d cut from november / long
- end of SPR release in Nov; /long
- more oil consumption in EU due to lack/high prices of NG
- strong mirror support.
- false breakdown below that mirror support and retest from above.
Fundamental:
- number of futures contracts increasing from recent lows; / long
- seasonal refinery maintenance (now) will finish in Nov-Dec ; / long
- end of China's lockdowns; / long
- price cap on Russian oil; / long
- OPEC+ 2MMbls/d cut from november / long
- end of SPR release in Nov; /long
- more oil consumption in EU due to lack/high prices of NG