– Over the last three weeks strong WTI spreads served as a key reminder of bullish fundamental expectations as flat price sold off sharply. This week’s collapse in prompt and deferred WTI spreads marks an important turning point in market sentiment as bullish enthusiasm and confidence in the OPEC-lead rebalance narrative fades. We’re also noticing increasingly negative data responses with last week’s extremely bullish report being met with a tepid rally while this Wednesday’s boorish data lead to rush for the exits-level two-handed spread selling.

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