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Energy Intelligence reports that Libya, Nigeria and the US added a combined 450,000 b/d of light sweet crude in May 2017. Brent's contango widened to $1.30 over six months while dated Brent traded about $1.10 below the prompt future.
Growing light, sweet supply and a wider contango point to a physically loose market, reinforcing downward pressure on crude prices.
energyintel.comMay 30, 2017Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
