Oil soared in early Asia trade, both WTI &......>

OIL: Oil soared in early Asia trade, both WTI & Brent took out their respective

week to date highs, although both remain well shy of Friday's closing levels

i.e. where they fill the Saudi-Russia oil war gap. WTI +$0.90 last, with Brent

+$1.20, back from highs. Brent stopped shy of $40.00 after the apparent short

capitulation/technical momentum through the areas outlined previously.

- Reports point to President Trump pushing for fiscal support for shale

producers on the back of mkt developments. Elsewhere, the U.S. postponed a

scheduled sale from its SPR, that was set to accept bids no later than Weds.

There are also calls from lobbyists to fill the SPR inventory, given prices.

- Elsewhere, Saudi & Russia continue to point to increased production levels,

despite a call between U.S. President & Saudi Crown Prince MbS. Russian Energy

Min Novak is scheduled to meet with domestic producers Thursday. Worth flagging

that Kuwait & Russia have been forced to slash prices in their latest tenders.

- Finally, Tuesday saw weekly API crude inventory estimates, with reports

pointing to a larger than expected headline crude build, larger than expected

drawdowns in distillate & gasoline stocks and a small build at the Cushing hub.