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.
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
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