Anyone getting whiplash out there! WTI for July delivery rose $2.35 per barrel closing at $70.62 per barrel – a one-week high. Brent for August delivery rose $2.47 per barrel closing at $75.67 per barrel. Oil rose as strengthening demand in China outweighed concerns over further interest rate hikes in the U.S at least that was today’s story. China this week issued larger crude-import quotas than a year earlier, and a stimulus package the nation is considering raised hopes for higher demand. Even though we had a big uptick in today’s trade renewed worries are showing up in futures time spreads. Brent’s prompt spread flipped into contango, and WTI’s contango widened to its most bearish level since February. Swelling crude inventories at the storage hub in Cushing, Okla., which have reached the highest since June 2021, are adding to bearish sentiment. As you know anything can change in a moment’s notice – stay tuned to PFL.