Hot on the heels of Goldman’s bullish reversal on the oil sector , in which the bank’s commodity strategist Damien Courvalin said on Friday that “it now appears likely that the market is passing its test on storage capacity” and projected that the recent rally can extend further in May, back to cash-cost levels ($25/bbl for WTI), albeit with still-high price volatility… … oil is storming higher after initially sinking lower, with the June WTI contract rising as much as 3.9% to $20.55/bbl, erasing earlier losses, while Brent crude briefly rising above $27/bbl, more than $1.4 from session lows. The catalyst for the sharp move higher appears to be a report that inventories at Cushing rose only 1.8MM bbl last week, which if confirmed, would represent the smallest increase since mid-March, and would indicate that the supply glut is starting to ease. It also demonstrates just how sensitive the […]