WTI $37.90 +$1.98, Brent $40.84 +$2.12, Diff $2.94 +14c, NG $1.69 +2c
No company news this morning but worth commenting on the oil price which as you can see continues to rally, at one stage yesterday Brent traded at $41.04. Two things are happening, one is technical, as I mentioned yesterday the oil price charts are very strong and pulling buyers in. Brent for example is 51% up from the 12 year low of $27.10 on January 20th which by any standards is an astonishing move whatever the fundamentals are like. WTI is almost as good and of course as any self-respecting chartist will tell you that a 50% retracement means business.
The other news yesterday, apart from modestly better news on stocks at Cushing and a continued, if modest, fall in US production came from South America. Ecuador announced that they are to host a meeting of Latin American oil producers in Quito on Friday. Expected are themselves and Ministers from Venezuela, Colombia and Mexico.
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