22 November 2024: 16:30 GMT
$75! We smelled it coming! It was one of those things when we actually felt the bullish signals telegraphed by the EIA inventories. And also note the upcoming burst of gasoline demand for Thanksgiving. We also heard today that companies had booked forward USG loadings into Europe. This in turn resulted in some companies selling the forward CFDs. It all sort of makes sense. The bulls were having fun. Well, it’s been another day of peaks and troughs. Europe woke up in a frenzy and wanted to try Brent for $75 but came up short and it took a second assault to break through the ceiling at 15:42 GMT. Before 18:00, markets cemented the move above the $75 handle.
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