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Oil retreated for a third day to trade below $65 a barrel, as the market awaits signs of further recovery in consumption. West Texas Intermediate fell 1.5 per cent, with futures consolidating after a run that’s seen them rise about 30 per cent so far this year. On Monday, WTI’s nearest timespread slipped into a bearish contango structure, signaling short-term oversupply, however the rest of the curve remains in a bullish backwardation. Though there are signs of recovering demand in some parts of the world, other regions — notably Europe — are lagging. Road-fuel consumption is growing in India and the U.S., while Italy has headed back into lockdown. Sign up for Western Canadian Petrochemicals: The Business Case. This introductory course is designed to provide attendees with a sound knowledge of Western Canada’s petrochemical and feedstock supply related energy industries. Oil’s been on a strong run as supply cuts from OPEC and its allies tighten the market and expectations grow for a rebound in travel over the northern hemisphere’s summer. But there are mixed signs emerging as Iranian oil flows heavily to China and the pace of coronavirus vaccination rollouts remain uneven across the globe. “The market is now […]
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