The underlying market dynamic has not changed. The oil market is being given every opportunity to ascend but it is reluctant to do so. In the Middle East last week’s US/UK strikes on Houthi rebels have not fulfilled the desired goal, quite to the contrary.
Our market is in a near state of paralysis or at least precariousness. It cannot be explained by the US remembering Martin Luther King yesterday because the tension in the current geopolitical hotspot of the world, the Red Sea and the Middle East is on the ascent.
One way to look at our market is that it is erratic, sometimes vicious and in the absence of any salient development that might help investors commit themselves to either direction for the long run it is driven by headlines.
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