Morgan Stanley Says All Oil Signals Flashing Tightness

The price for Brent has risen, Morgan Stanley said in a note on Thursday, and all signals for crude oil are “flashing tightness,” with prices being supported at current levels. “Not only has Brent flat price risen, but calendar spreads have rallied, refining margins are unusually strong, the CFD curve is deeply in backwardation and physical differentials are elevated,” Morgan Stanley said, adding that fundamental data is telling “a similar story,” with robust demand growth and falling inventories. According to…