The oil complex had a particularly good week and bulls would have been greatly pleased with the progress made. The front month of all the major contracts; WTI +$3.51/bbl (+4.55%), Brent +$3.92/bbl (+4.84%), Heating Oil +21.29c/gal (+7.75%), RBOB +15.40c/gal (+5.50%) and Gasoil +$79.00/tonne
The outlook has not changed, sentiment remains buoyant. Firstly, it is looking increasingly probable that the US will avoid recession. Its economy grew by a forecast-beating 2.4% in 2Q although consumer spending slowed a little and weekly jobless claims fell implying a continuously strong labour market.
The US central bank cannot be accused of complacency or misleading forward guidance. It has been reliably consistent in its approach to tackle inflation; it has been data driven...
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