CCX is well over extended from its previous close, touch new time high of $2.84. looking for the short between $2.78 to $2.69, if its moves higher then it gives me more reason to short it.
1) Midwest (PADD 2) refineries are still operating in the low 80% utilization.
2) Differential increased to ship more crude by rail, which had dropped to a recent low after initial AB cuts.
3) Jason Kenney's new UPC government is looking to extend the Albertan oil production cuts into 2020 as Line 3 looks delayed.
4) With the rise of U.S. ultralight crude,...