A nice 2 day "rally", as a WPL holder I hope that continues for...

A nice 2 day "rally", as a WPL holder I hope that continues for the rest of the month and grows up to be a real rally.

WTI still below $50 (but getting close).  

On the speculative front any flare up in Ukraine or any supply interruptions in Libya, Iraq or Saudi could see a rapid re-rating.  Winter demand for heating oil has lowered distillate stocks in the US but petrol inventory remains at near record highs due to over supply but with healthy demand by motorists taking advantage of price now.

Crude Oil Feb 02, 2015 17:29 $49.83 +3.19%

from http://ir.eia.gov/wpsr/wpsrsummary.pdf

Supply Inventories situation
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 8.9 million barrels from the previous week. At 406.7 million barrels, U.S. crude oil inventories are at the highest level for this time of year in at least the last 80 years. Total motor gasoline inventories decreased by 2.6 million barrels last week, but are well above the upper limit of the average range. Both Finished gasoline inventories and blending components inventories decreased last week. Distillate fuel inventories decreased by 3.9 million barrels last week and are in the lower half of the average range for this time of year. Propane/propylene inventories fell 1.9 million barrels last week but are well above the upper limit of the average range. Total commercial petroleum inventories increased by 2.0 million barrels last week

Demand Situation
Total products supplied over the last four-week period averaged over 19.8 million barrels per day, up by 4.2% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged 8.9 million barrels per day, up by 8.0% from the same period last year. Distillate fuel product supplied averaged 4.0 million barrels per day over the last four weeks, up by 5.6% from the same period last year. Jet fuel product supplied is up 7.8% compared to the same four-week period last year.