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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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OIL: The major crude benchmarks sit lower on the day as we move towards European
hours, although they have recovered from worst levels, with WTI -$0.90 and Brent
-$0.30. as the broader risk-off feel to the session weighed on crude prices in
Asia-Pac hours.
- Weekends news flow saw BBG note that "S&P Global Inc., the company behind the
most closely followed commodity index, said it will roll West Texas Intermediate
crude oil futures for July into August for its commodity indexes. The shift will
occur during the regularly scheduled roll period in May, the company said in a
statement. During the course of May, it would normally be rolling exposure from
June contracts to July contracts. S&P Global triggered a big drop in oil prices
on Tuesday when it told clients to roll all their exposure out of WTI futures
for June into July with immediate effect."
- Elsewhere, lower production for U.S. shale names and an uptick in Russia's oil
output for the month of April were confirmed over the weekend.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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