If there was any doubt of the longevity of the pessimism that stalks the oil price then that was disproved yesterday as not only did structure suffer, signalling a weakness in physical oil, but flat price...
It is perhaps understandable that ahead of the release of a critical set of economic and oil data the underlying trend is paused and some of the short positions are being covered.
Judging by Friday’s finishing numbers week-on-week there is little doubt that the oil complex remains in a state of vulnerability as the M1 months in the major futures contracts finished; thus, WTI -$2.84/barrel, Brent -$3.04/barrel, Heating Oil -8.05c/gal, RBOB -7.13c/gal and Gasoil -$32.5/tonne.
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