Oil futures climbed on Wednesday, with U.S. prices ending at their highest in about 10 weeks. The Energy Information Administration reported a weekly decline of 5 million barrels for U.S. crude supplies, along with a 5.5 million-barrel fall in stocks at the Cushing, Okla., storage hub. July West Texas Intermediate oil rose $1.53, or 4.8%, to settle at $33.49 a barrel on the New York Mercantile Exchange.
The Energy Information Administration reported Wednesday that U.S. crude inventories fell by 5 million barrels for the week ended May 15, marking a second weekly decline in a row. That contrasted with a forecast by analysts polled by S&P Global Platts for an average increase of 2.4 million barrels. The American Petroleum Institute on Tuesday reported a decline of 4.8 million barrels, according to sources.
Brazil's deadly coronavirus outbreak has disrupted global supplies of iron ore just as demand from China is revving up, pushing the price of the steel ingredient to a seven-month high. Iron ore is one of the most heavily traded commodities and can influence the price of materials used in everything from buildings to cars. Front-month futures for ore with 62% iron content jumped 10% to nearly Yen759 a metric ton Wednesday on China's Dalian Commodity Exchange.
OTTAWA-- Canada's annual inflation rate dipped into negative territory in April, the first year-over-year price decline in over a decade, largely attributable to a sizable drop in gasoline. The biggest year-over-year decline on record for gasoline offset notable price increases in dry and preserved foods, and cleaning products. Demand for those products rose because of the coronavirus pandemic, and a request from health authorities to limit grocery-store visits.
Brazil's deadly coronavirus outbreak has disrupted global supplies of iron ore just as demand from China is revving up, pushing the price of the steel ingredient to a seven-month high. Iron ore is one of the most heavily traded commodities and can influence the price of materials used in everything from buildings to cars. Front-month futures for ore with 62% iron content jumped 10% to nearly Yen759 a metric ton Wednesday on China's Dalian Commodity Exchange.
By John Kemp. Physical crude markets are signalling a rapid shift from an enormous over-supply at the height of the coronavirus lockdowns in April towards an expected under-supply in the second half of the year. Dated Brent's six-week calendar spread has shrunk to a contango of less than 70 cents per barrel from more than $6 per barrel in the first week of April.
Intercontinental Exchange Inc (ICE): * INTERCONTINENTAL EXCHANGE (ICE) - TOTAL NATURAL GAS FUTURES HIT OPEN INTEREST RECORD OF 18.5 MILLION CONTRACTS IN Q2. * Intercontinental Exchange Inc (ICE) - U.S. BASIS CONTRACTS OPEN INTEREST HIT NEW RECORD OF 10.1 MILLION CONTRACTS DURING APR AND MAY. * Intercontinental Exchange Inc (ICE) - IN MAY 2020, JKM HIT RECORD OPEN INTEREST OF MORE THAN 100,000 CONTRACTS.
Fujairah Oil Industry Zone on Wednesday published, via
industry information service S&P Global Platts, the following weekly inventory data for oil
products for the week ended May 18.
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