Oil wrestled with positive fundamental expectations and bearish present circumstances this week to remain glued to the $53 mark. In the present, stress of record high crude oil and gasoline inventories in the US resulted in a 2 cpg drop in the prompt 1-month gasoline spread. Meanwhile positive fundamental expectations were revealed in the steady climb of the Brent June/July spread which yielded just 14 cents contango suggesting that physical traders see massive inventory draws in the middle of 2017. In flat price the result of the tug of war between present bearish circumstances and positive expectations has been an extraordinarily sideways market near the $53 mark. Year to date WTI has managed a range of just $4.53. Over the last twenty trading days WTI has managed a range of just $3.12- the last time WTI had a 20-day range of $3.12 or less was in July of […]