Risk disclosure

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Not investment advice

Everything on this site — the daily report, charts, data files and any derived form — is market research and information compilation only. It is not an offer, solicitation, recommendation or investment advice regarding any security, futures contract, option, swap, physical cargo or other financial instrument, and it is not a judgement on the suitability of any trading strategy. We do not know your financial situation, investment objectives or risk tolerance.

Market risk

Crude and refined product derivatives are highly volatile and leveraged, and can produce losses exceeding the initial margin. Past performance, statistical percentiles and backtest results do not predict future results. Every range, probability and benchmark comparison is drawn from a historical sample and may fail completely under structural change.

Data and timeliness

Data comes from third-party public sources and may be delayed, revised, wrong or interrupted. We guard against the definition traps we know about and flag them in the report, but we make no warranty as to accuracy, completeness or timeliness. Markets may have moved materially since publication.

AI-generated content

The prose is drafted by a large language model and reviewed by a human. Review reduces but cannot eliminate errors and omissions. Readers should rely on the original sources cited in the report and verify independently before acting.

Limitation of liability

To the maximum extent permitted by law, this site and its operator accept no liability for any direct, indirect, incidental or consequential loss arising from use of, or reliance on, its content. You are solely responsible for your own trading decisions.