Oil drifted lower again (not chasing this)

Saudi cut the Arab Light price to Asia, and US inventories just posted the biggest build since July. Crude couldn’t catch a bid. Energy names might bounce intraday but unless we see draws or better demand prints, I’d rather sit on hands than buy weakness.

IEO and XLE tend to hold up better than small-cap E&Ps on crude drawdowns if you still want exposure.