Anybody hear Naimi yesterday? Saudis think demand goes higher.
Meanwhile we get fresh demand figures for 2015 on Oil of 2.2mbpd demand draw expected versus prevailing view in market of about 1mbpd. China (FXI, quote) PMI I say has bottomed for this cycle at 49.50 (that is NOT consensus) and anyone who does not believe OPEC could cut in June is playing with fire on the short side. It all adds up to Brent outperforming Crude on a spread and oil curve favoring higher prices overall.