Oil chart not so spectacular FWIW. SSN has its own specific...

Oil chart not so spectacular FWIW. SSN has its own specific issues but a weakening oil price will concern lenders and you'd hate to have to initiate a new series of hedges at a low (was TB smart enough to learn when he had the opportunity to hedge at close to $55).




Downside still looks to be the $45-$47 region and upside at $55. That channel (of about last 12 months maybe) still appears to be the overall trading range for oil. Conversely CFTC data suggests that net speculative (i.e non commercial traders) long positions have increased in the past couple of weeks .... perhaps a reversal and oil price to strengthen.
https://www.investing.com/economic-calendar/cftc-crude-oil-speculative-positions-1653