Oil commentary - 3 May 2016

Morning all. Well slap my leg and call me Judy, Leicester have done it. An amazing achievement in the context of the mighty powers that have dominated the EPL in recent years. Here's a thinker for you - do you know a ￡1 bet on Leicester winning the EPL and Burnley, Wigan and Northampton gaining promotion would have netted ￡10,042,560.00? People would have laughed at you of course but do you know a 100,000 bbls long position on 20 Jan in Aug Brent would have netted you around the same profit margins? Spooky. The "Raineri play". Well Brent hit $47.50 as we forecast and has retreated slightly. I think we will be rangebound for the next few days but it all depends how hungover people are after watching Gary Lineker present MOTD in his pants. A big congrats to Johnny B and Burnley. Good day.