Oil’s Under-the-Hood Signals Tell Tale of Bullish Market
- Options, timespreads, fund flows are positive as crude gains
- Naphtha margins offer rare note of caution in strong market
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The global oil market has gone from languid to lively in the space of a few weeks, with Brent futures blowing past the key $90-a-barrel threshold as critical gauges flash steadily more bullish signals.
The surge in headline prices — with Brent now up 18% this year — has been driven by a combination of supply constraints including OPEC+ curbs, robust demand, and wider geopolitical risks, especially in the Middle East. Many refined-product markets are also strong, with gasoline posting big gains.