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Oil Has Best Week In 7 Months As HY Energy Issuance Flatlines. Beeeeeeeep…

I need to know (immediately, if possible), if you are excited about crude. Because some folks certainly are. Indeed, WTI and Brent are headed for their best weekly gains in 7 months on the back of bullish supply data, promises from the Saudis re: export caps, jitters about Venezuelan disruptions, and the first signs that the temerity of US operators is waning (think: Anadarko and Whiting). “There’s less crude oil,” Bob Yawger, director of the futures division at Mizuho Securities said Friday. “That’s all there is to it." Thanks, Bob. Today we're seeing WTI push towards $50 - a notable development considering it was just a couple of weeks ago when we were celebrating Brent approaching those levels. Also worth noting, WTI rose above 200- day moving average today: As we detailed on Thursday, it's entirely possible that current prices should be even higher given geopolitical concerns. The latest North Korean missile launch only underscores that assessment. Simply put, there's no geopolitical risk premium built into these prices. More on that here: ‘They’re Playing With Fire!’: There’s No Geopolitical Risk Priced Into Oil But the market is focused inte
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