Oil producers selling more of future output
This activity is threatening to slow biggest monthly price increase since 2009
New York
OIL producers are taking advantage of the biggest monthly price increase since 2009 to sell more of their future output, threatening to slow the rally.
New York-traded crude for next-month delivery gained 25 per cent in April on signs a record drop in drilling rigs is starting to reduce production, easing the biggest US oil glut in 85 years. December 2016 contracts were up just 8.7 per cent in that period.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Gold holds steady as investors focus on US Fed meeting
Chevron CEO expects ExxonMobil arbitration resolved in coming months
Oil falls more than US$1/barrel on Middle East peace talks, US rate cut doubts
Diamond giant De Beers is in the shop window, but the potential buyers are few
China State Shipbuilding to build 18 LNG ships for QatarEnergy
Shell earns US$1 billion a year from US crude trading, court filing shows