• 3 minutes UAE says four vessels subjected to 'sabotage' near Fujairah port
  • 6 minutes Why is Strait of Hormuz the World's Most Important Oil Artery
  • 8 minutes OPEC is no longer an Apex Predator
  • 12 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 12 hours Did Saudi Arabia pull a "Jussie Smollett" and fake an attack on themselves to justify indiscriminate bombing on Yemen city population ?
  • 12 hours "We cannot be relying on fossil fuels to burn as an energy source at all in our country" - Canadian NDP Political Leader
  • 13 hours Solar Industry Lays Claim To The 2020s; Kicks Off The Solar+ Decade
  • 8 hours China Downplays Chances For Trade Talks While U.S. Plays ‘Little Tricks’
  • 2 hours California Threatens Ban on ICE Cars
  • 29 mins Canada's Uncivil Oil War : 78% of Voters Cite *Energy* as the Top Issue
  • 18 hours U.S. and Turkey
  • 20 hours Iran v USA the perfect fire triangle
  • 11 hours Shell ‘to have commercial wind farms’ by early 2020s
  • 7 mins How can Trump 'own' a trade war?
  • 9 hours Get First Access To The Oilprice App!
  • 1 day DUG Rockies: Plenty Of Promise, Despite The Politics
  • 2 hours China, U.S. Hold 'Productive' Trade Talks In Beijing

The Oil Price Anomaly Turning Into A Trend

rig

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…




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