All one needs to do when assessing the current state of the oil market is to look at assorted spreads. The structures of international crude oil benchmarks are strengthening and the backwardation in Heating Oil is also solid. They imply genuine physical tightness, and derivative traders are not afraid to react, notwithstanding the rather comfortable medium-term oil balance.
History might confirm in a decade or two that the US has not had a more consequential president, at least not in peacetime, than Donald Trump. The start of his second term is still a few days away, but investors already scrutinize every word he whispers. Cliches are boring but true. Action speaks louder than words, but at this stage all markets can do is to rely on his press conferences and social media posts.
The inauguration of the incoming US President is 12 days away, but his belligerent rhetoric is already sending shivers down the spine of foes and allies. During a press conference, Mr Trump re-issued threats from his first term to buy Greenland and he did not rule out seizing the island by using economic or military coercion on Denmark.
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