I am currently long WTI. I expect prices to move to $64 to $65 in the near term. However, conflicting signals are arising from the oil market, which warrant your attention and an explanation.
What are the variables?
Global refining margins (i.e. global oil demand proxy).
OPEC+ crude exports.
High-frequency inventory charts.
Global Refining Margins
Since the tariff war started, global oil demand, via the global refining margin proxy, is moving higher.