Crude is uncommonly strong today throughout the curve - much more pronounced than the more modest equities rally.
LOL at this point it might keep rising until something snaps in world economics then straight free fall... Either way it's not rational what so ever!
U.S. Crude U.S. shale oil is being rejected by some Asian refiners because of contamination that makes it hard to process. As the crude makes its way through the complex American supply chain, it apparently picks up problematic metals and chemical compounds. Oil coming from the Middle East doesn't tend to have this problem because each type of oil there goes through its own infrastructure, whereas in the U.S. the same infrastructure is used for various types of crude. Bloomberg
Fake news plant. Oil from the Mid East is graded as “SOUR” - in other words, it has a high sulphur content, has a slower catylitic Crack throughput, and therefore trades at a discount to North American and North Sea Brent grades.
Strength is in the front end of the curve today thus far - which is the Demand structure of the curve.
The Collapse will be insane!!! Haha Pumpinnn is the name of the game, bigger the drop, bigger the pay!
Crude Oil is thus far shrugging off the down day in the equity markets with a modestly up day. More strength in the front end of the curve.