Politics work as follows: use everything at your disposal, even a 100-year-old, obsolete law called the Second Liberty Bond Act to gain political leverage, push your country to the precipice, step back in the last second and then be outraged when you are accused of recklessness and your creditworthiness deteriorates.
For most of the last 2-weeks it has been to products that oil has looked for its forward leanings, but the overnight remarkable draws in the API data sees crude take over the bull baton and give the market another spurring on.
Markets tend to trade on expectations given their forward-thinking nature and the increasing importance of FOMO. Bets are made when forecasts and predictions are out, and the move is accelerated if the estimates prove accurate further down the line.
Copyright © 2025 TP ICAP