In these ever-evolving markets, new information and data points were entered into the metaphorical crystal ball. The result was an equity sell-off in the first half of the week, followed by a decent recovery toward the end. Oil was broadly under pressure but bounced on Friday.
A day of two halves saw oil prices plummet, followed by a semi-decent recovery. Curiously, Heating Oil, which had blazed the trail higher recently, was hit the hardest, while the CME RBOB contract defied gravity and produced an impressive rally. Headlines carried by news outlets cannot be accused of being misleading: fears of supply disruptions eased.
There were a variety of reasons yesterday to take a step back and decide to bank some profit. The retreat actually began on Tuesday evening, when the API reported builds in US oil stocks across the board.
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