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Oil market participants will keep an eye on refiners’ appetite for crude oil following Saudi Aramco’s price increase announcement as well as OPEC+’s plan to hike production in July and August. Meanwhile, supply concerns are keeping China’s copper concentrates and US corn markets on their toes. 1. Saudi Aramco promises more crude, at a price ...
Credit Suisse' favorite oil stocks to play the rally include midstream, Canadian oil stocks and large-caps.
Crude closed on a seventh weekly gain; however, the latest inflation report from May weighed heavily against bullish fundamentals.
Oil posted its seventh weekly gain as tight fuel-supply balances sustain bullish fundamentals, although headwinds brought on by accelerating US inflation capped crude’s advance. West Texas Intermediate (WTI) for delivery next month fell 0.69 percent to US$120.67 a barrel after trading in a US$4 range during a volatile session on Friday. Despite the fall, WTI ended the week 1.51 percent higher. Brent crude for August delivery dropped 0.86 percent to US$122.01 a barrel, posting a weekly increase of 1.91 percent. The US Department of Labor reported that inflation quickened to a 40-year high, c...
US WTI Midland crude oil will be incorporated into the Platts Dated Brent and related benchmark assessments from June 2023, S&P Global Commodity Insights said June 8, with the first-ever inclusion of a non-North Sea grade expected to boost the liquidity of oil’s most important price benchmark. Platts, part of S&P Global, said WTI Midland ...