The Brent oil short squeeze appears to be finally running out of juice posting a stable night Friday and settling at $50.80mmBtu:
The news flow is bad for prices. Libya is clearing its latest blockages. Nigeria‘s Niger Delta Avengers have declared a ceasefire. US rigs continue to drip back into the field, up another 10 to 406. The Saudi jawboning joke is now obvious to all not least because it’s pumping with its ears pinned back, from John Kemp:
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The short squeeze looks likely done or soon will be. Perhaps in advance of the OPEC meet.