Oil spread blow-out portends new price slump
Market flashing warning signs that vital Oklahoma storage tanks will fill up sooner than expected
New York
ANOTHER sharp dive in oil prices may be nearer than you think, according to traders who see the market flashing warning signs that vital Oklahoma storage tanks will fill up even sooner than expected.
While benchmark US crude oil futures still appear to be holding firm after trading at around US$50 a barrel for the past month or so, the spread between first and second-month oil futures collapsed last week, with prompt prices diving by more than US$1 to their deepest discount in four years.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
China State Shipbuilding to build 18 LNG ships for QatarEnergy
Shell earns US$1 billion a year from US crude trading, court filing shows
Gold eases as steady US dollar dampens appeal
Oil prices fall 1% on Israel-Hamas ceasefire talks, US inflation concerns
Hot stock: Don Agro surges after plans to sell 92.3% group assets for 4.5 billion roubles
China could hinder BHP’s bid to become copper’s top producer