• 4 minutes Nord Stream 2 Halt Possible Over Navalny Poisoning
  • 8 minutes America Could Go Fully Electric Right Now
  • 11 minutes JP Morgan says investors should prepare for rising odds of Trump win
  • 1 day Permian in for Prosperous and Bright Future
  • 3 hours Daniel Yergin Book is a Reality Check on Energy
  • 1 day YPF to redeploy rigs in Vaca Muerta on export potential
  • 1 day Gepthermal fracking: how to confuse a greenie
  • 9 hours Famine, Economic Collapse of China on the Horizon?
  • 10 hours Oil giants partner with environmental group to track Permian Basin's methane emissions
  • 2 days US after 4 more years of Trump?
  • 1 day Top HHS official takes leave of absence after Facebook rant about CDC conspiracies
  • 2 days The Perfect Solution To Remove Conflict Problems In The South China East Asia Sea
  • 4 hours Open letter from Politico about US-russian relations
  • 2 days Surviving without coal is a challenge!!
  • 3 days Portuguese government confirms world record solar price of $0.01316/kWh

The Oil Price Anomaly Turning Into A Trend

For the first time this year, global benchmark Brent hit a record of $72 per barrel on Wednesday, palpably reinvigorating crude market sentiment around the globe. Even though China’s Q1 economic growth of 6.4 percent and a further 3.2 percent year-on-year refinery throughput hike certainly did help crude prices – as well as an expected US commercial crude inventory drawdown – the market’s largest issue to resolve is the overall scarcity of heavy and sour crudes. If heavy supply remains at the current level in the foreseeable future, this pricing anomaly – Urals trading at $0.7-1 per barrel premiums against Dated, Basrah Light discounts narrowing to reaching all-time highs - will persist for even longer.

Thus, oil prices have risen more than 40 percent this year already, with Brent Dated sliding a bit from the $72 per barrel peak within the $71.7-71.9 per barrel interval, whilst WTI oscillated in the $64-64.3 per barrel territory.

1. White House Cracking Down on Spanish Repsol

- The Trump Administration has been scrutinizing the links between Spanish oil major Repsol and Venezuela’s state oil company PDVSA, in a bid to guarantee full compliance with US sanctions.
- US State Department special representative on Venezuela Elliott Abrams stated that bilateral discussions are ongoing between the countries on how to settle the issue.
- The end is already near it seems as Repsol has so far brought its April…




Oilprice - The No. 1 Source for Oil & Energy News