The tug of war between bullish physical oil traders and bearish macro hedge fund managers has tilted in favour of the former over the past few weeks, with energy prices rising in October and November in spite of gloomy economic news.
The Asian fuel oil market, the bread-and-butter of the Singapore-based traders, helps to explain why.
The market is important because fuel oil is usually a good mirror of the Asian economy as the refined product is used from powering electric plants to fuelling container ships.
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