Capping the upside is the fact that inventories have not drawn much despite the cold weather we have had thus far and therefore are not unsettling the markets much.

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The weaker tone continues today, as in addition to bearish US inventory data, a slight warming trend is contributing to more brazen selling.

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Short term, there are various cross currents in the markets, and it will be hard to get a read on where prices will go this week. There apparently is still more firepower that funds have at their disposal to move markets even higher.

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The specter of progressively higher inventories is blunting the impact of geopolitical tensions, making it harder for the market to climb.

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