After three weeks of losses the oil complex finally made amends and gained some traction. The move higher was not unreservedly convincing, nonetheless developments over the past five trading sessions did not indicate any souring of investors’ sentiment either.
The early Singapore Platts window has achieved little in enlivening a market that is beginning to hunker down and accept a possible period of doldrums before the much longed for and publicised third quarter demand seeps through into fact rather than conjecture.
After all, it is possible to put a price on 0.1%. This is by how much the May US core inflation reading exceeded expectations. Consumer prices, without food and energy, rose by 3.4% last month, better than the anticipated 3.5%. Oil jumped nearly a dollar, admittedly helped by the morning’s monthly IEA report.
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