Welcome to the Year of the Long (Dragon). The bulls have sorely disappointed, and it is now the dragon’s time to shine, with the niche futures market taking to the skies. Amid sideways crude, investors and bargain-hunters are seeking more niche opportunities. The North Sea crude market was a major winner since the Chinese New Year, riding a wave of robust strength with the front supported from continued tightness. This has in part been driven by the marked strength in refinery margins and especially in the gasoline and distillates market.
