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Oil tallies third straight gain as Middle East tensions persist (marketwatch.com)
Midland Paper Clips
Brent crude futures mark highest finish month to date.
Oil futures climbed Thursday, stretching their winning streak to a third session, as investors focused on still percolating Middle East tensions.
West Texas Intermediate crude for June delivery rose 85 cents, or 1.4%, to settle at $62.87 a barrel, with prices marking the highest finish for a front-month contract since May 1, according to Dow Jones Market Data. Prices posted a third straight climb and trade roughly 2% higher for the week.
The global benchmark, July Brent, added 85 cents, or 1.2%, to $72.62 a barrel on ICE Futures Europe, for the highest finish to date in May.
More detail at https://www.marketwatch.com/story/oil-adds-to-gain-as-middle-east-tensions-persist-us-supply-build-shrugged-off-2019-05-16
Oil Tankers Piling Up in North Sea Highlight Glut Facing OPEC
At least 10 tankers are at or near locations off the coasts of England and Scotland where they must wait to transfer their cargoes, according to vessel-tracking information compiled by Bloomberg. The increase is happening amid seasonal work at the U.K.'s largest oil field. "The physical crude market is already showing signs of weakness with floating storage threatening to build up in the North Sea, in spite of ongoing field maintenance," according to a research note from JBC Energy GmbH. It cited the vessel pile up at the ship-to-ship transfer sites as one of the indicators of a surplus. click Read More to get to the rest of this article
OPEC's Former Head Says Conditions Are Right for Oil-Freeze Deal
OPEC is on course to strike an output-freeze deal with fellow oil producers in Algiers next month because its biggest members are already pumping flat-out, the group's former president said. While a similar initiative failed in April, an agreement can now be reached as Saudi Arabia, Iran, Iraq and non-member Russia are producing at, or close to, maximum capacity, Chakib Khelil said in a Bloomberg Television interview. Khelil steered OPEC in 2008, the last time it implemented an output cut, which was announced in Algeria in December of that year. "All the conditions are set for an agreement," Khelil said from Washington. "Probably this is the time because most of the big countries like Russia, Iran, Iraq and Saudi Arabia are reaching their top production level. They have gained all the market share they could gain."
Oil Slides as Traders Await Evidence OPEC Cuts Are Working
"OPEC has done enough to establish a floor, but at this stage the best they can probably hope for its to see oil hold around these levels," said Ole Sloth Hansen, head of commodities strategy at Saxo Bank A/S in Copenhagen. "We are in a wait-and-see mode. Major fund buying will only be seen once data begins to support." West Texas Intermediate for July delivery slipped 19 cents to $49.61 a barrel on the New York Mercantile Exchange as of 9:38 a.m. London time. There was no settlement Monday because of the U.S. Memorial Day holiday. Brent for July settlement lost 38 cents, or 0.7 percent, to $51.91 a barrel on the London-based ICE Futures Europe exchange. Prices on Monday rose 14 cents to $52.29. The global benchmark traded at a premium of $2.29 to WTI. Click Read More below for more of the story.
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