Brent closed last night at $69.37 up 0.36 and WTi closed at $62.58 up 0.99. That Brent/WTi spreads seems to be ever shrinking, keep your eye on the WTi curve, she moving to backwardation fairly rapido. On to other nonsense - this oil market. In fact, there is quite a lot of nonsense around at the moment, isn't there? This Brexit debacle is just one catastrophe after another. However, I have to say that I cracked a smile when I heard that in that plucky Brit way that only we know how the rules of yesterday’s cabinet meeting were "No phones, just lunch and wine". Ha! So basically, the PM is waking up this morning, rubbing her forehead and saying to her husband, "Please don't tell me I called Corbyn and asked to meet him, pleaseeee". Haha. Ohhh the anxiety. Anyway, on to other anxieties, let's talk to the oil bulls for a moment, shall we? So, I read this morning that the US are contemplating shrinking their oil reserve. I mean surely this was a matter of time, currently the US are the world’s biggest oil producer, but they have 649 million barrels clogging up some prehistoric salt caverns in Texas. That is quite a lot, but everything's bigger in Texas as they say. However, Rick Perry has a point, why are such huge reserves needed when they are now self-sufficient? What did the market did with this news? Rally of course! Because a potential 100mn bbls of SPR bbls entering the market is a good thing, you wally. Oh, and apparently there is going to be a draw on EIA inventory later. So, another reason why we’re trading up. Honestly, I give up, I think it's about time I pack this oil lark in and become a chicken farmer or something. Or even try and join one of those cabinet lunches? Much the same I reckon. Keep your eye on cable. Good day.