• Oil posted a second straight monthly gain as physical markets show signs of strength and traders look ahead to OPEC+ potentially extending its supply cuts.
  • West Texas Intermediate settled little changed above $78 a barrel, up 3.4% since the end of January. February’s incremental advance comes amid multiple signals of a strong physical market. WTI’s prompt spread stood at 74 cents a barrel in backwardation, indicating tightening supplies, compared with a bearish contango structure earlier this month.
  • Gauges such as the WTI cash roll have also strengthened. The roll, which reflects supply-demand balances at Cushing, Oklahoma, climbed to the highest in more than a year.