The current perception is that there is enough crude and heating oil around, thus the slide in prices.

Repairs are proceeding apace. Discretionary driving can be cut back but you have got to heat your house. Heating oil will soon lead the market.

The rest of the market, gasoline and heating oil, is carrying crude at the moment, and the data on the crude stock draw also helped,

It seems that the oil industry is making a real good start at coming back, ... It's a vote of confidence on the repairs.

There's hardly any fundamental support underpinning the market. Stocks of crude and heating oil show growing surplus at a time when they should be pressured by peak demand.

This kind of figure is bound to generate negative headlines for New Zealand. Higher oil prices also suggest the deficit could widen further.