The current bullish winds of sentiment that are driving oil prices nicely along seem set to continue as the world yet again experiences notional 'what ifs' as conflict arenas deliver not only continued weaponry exchange but also antagonistic rhetoric.
Both equities and oil were back in demand last week. As a matter of fact, the latter registered the second successive weekly gain whilst stocks, despite a blip on Thursday and Friday, largely driven by the tech sector, kept marching higher.
The gut reaction to the release of the belated Weekly Petroleum Status Report yesterday afternoon was somewhat perplexing. Every major category registered drawdowns: crude oil stocks depleted by 2.5 million bbls, gasoline inventories declined by 2.3 million bbls and distillate stockpiles fell by 1.7 million bbls
Copyright © 2025 TP ICAP