Not the end. Not the end of the beginning. It is just the beginning.

$Occidental Petroleum (OXY.US)$ $Camber Energy (CEI.US)$ $Imperial Petroleum (IMPP.US)$ $Crude Oil Futures(MAY5) (CLmain.US)$ As we predicted last week, the temporary weakness in oil prices coming from a widespread futures sell-off by speculators was nothing more than just a respite before another upwards climb.

The unchanged physical tightness in oil markets, which can be seen from backwardation, combined with French President Macron highlighting the lack of spare production capacity of Middle Eastern oil producers stoked bullish sentiment.

With Libya potentially losing another 300,000 b/d of its production/exports in the coming days, a jump above $120 per barrel later this week is very much on the cards.