Oil's rally is beginning to show signs of losing momentum as we close out the week ahead of tonight's US rigs report, but the change in sentiment has left market shorts feeling 'the pain'. Elsewhere, the global equities rally continues, but doubts remain.

• Oil reversal to upside through the week has left shorts feeling 'the pain' — Hansen
• WTi heading into resistance at $50-50.90/barrel area, support at $48.75/b — Hansen
• Gold scrabbling around for support at $1,236/oz and $1,228/oz — Hansen
• Global equities rebound continues but S&P500 not yet convincing — Garnry
• S&P500 call shifts to neutral but rise still capped below falling trendline — Garnry
• Bunds rising despite risk-on moves as markets discount ECB action — Boye
• Markets may be dismissing ECB action in 2017 prematurely — Boye
• China PMI's hit near-five year high but earnings disappoint — Su
• Grains markets get ready for likely market-shifting report this evening — Hansen