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.
Well, for one, oil investors either do not follow the US President on his social media platform, or they have serious doubts that Ukraine and Russia will cease hostilities against each other’s energy infrastructure. We are running out of adjectives to describe the performance of the CME Heating Oil contract, which gained the equivalent of $12.62/bbl yesterday, with ICE Gasoil rallying by the equivalent of $12.30/bbl.
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