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Oil Market Keeps Getting Stronger as Prices Blow Through $92

  • Forward curves have surged this week amid Texas freeze
  • Diesel prices move higher with inventories low in U.S., Europe
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Oil rocketed to a fresh seven-year high above $92 a barrel, and almost every indicator is pointing to the rally extending.

The market’s structure is trading at its strongest level in years, indicating scarce supply. Diesel -- the fuel that helps power the global economy -- is also surging as a cold snap hits the U.S. and demand soars. Inventories at key storage hubs are waning, and vital price gauges indicate an expectation the tightness will persist.