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Crude Rallies As Supply Worries Come To The Fore

OIL

Oil prices unwound most of Friday’s losses with WTI up 1.8% to around $71.33/bbl and Brent +1.4% to $75.23. They have started the day higher with WTI at $71.43. The USD index fell 0.2% after the May New York Empire manufacturing index sank. Demand concerns have dominated the market recently but on Monday supply issues came to the fore.

  • Wildfires in oil producing areas of Alberta, Canada are now disrupting around 300kbd of crude output but that could increase over the coming days. Iran also seized its third tanker this month in the Persian Gulf, which makes markets nervous. And shipments from Iraqi Kurdistan did not resume on May 13 as hoped. The dispute has disrupted 470kbd since March 25.
  • On the other hand, there is little evidence that Russia is cutting its production with shipments by sea rising 10% from the start of April.
  • WTI resistance is at $73.93, the April 28 low and Brent’s is at $77.61, the 20-day EMA.
Energy BulletsCommodities
Energy BulletsCommodities

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