Last week oil kept moving on up, gently at the moment. Whilst technical factors such as supply are key at the moment there are other things on the sidelines that have some influence. With over $100bn in the book the Aramco bond issue is to be closed today at around $12bn, in the USA net speculative length (NSL) has more than doubled since Christmas to 640m barrels and on Friday Chevron put $33bn down for Anadarko, all signs of confidence of some sort in oil. This morning JOG has announced that with the rig moving off location operator Equinor is very much sticking around with much data to assess and well results to analyse. This is valuable crude and the hub could yet be highly profitable.