Today a nice run up in oil. From 33 to 42./sharky

Oil did not jumped from $33 to $42.

Speculators stopped trading the Feb contract which expired last night.

The games began on the new Front Month March (CLH9) which rose $2.71 to $43.55 per barrel, trading from $40.24 to $43.76 while nearby and contracts
further out either lagged or were lower.

Remember that we are talking about paper oil and not a fiscal oil. Most of the WTI paper contracts are never deliver and expire worthless and traders collect the premium on the trade not on the OIL.

On the cash market the Light Louisiana sweet (LLS) crude oil was offered $3.75 weaker.

For whatever the reason is US and Canadian markets are flatted with OIL. There is not much more storage to handle execs of oil coming in to the market.