Malcolm Graham-Wood
Independent Analyst
Clutching at straws or what, the EIA inventory stats showed a build of 2.1m barrels, 200/- less than the market was expecting and the bunting goes out, however these numbers are at an important seasonal tipping point as the driving season is only a month away and demand is certainly strong. Another straw to be clutched at was the fact that Russia is, apparently, trying to organise another producers meeting, quite how that is expected to differ from the last one who knows. Having said that, despite difficult fundamentals traders tell me that there is a fairly strong feel to the market at the moment.
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