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Oil surged again, rising above $55 a barrel in New York to its highest level in a year as the virus-recovery rally continued. West Texas Intermediate futures rose as much as 2.8 per cent, while the global Brent benchmark is now back within sight of $60. Crude has been climbing steadily since late last year as coronavirus vaccines and producers’ supply curbs boost expectations of a tighter market. An OPEC+ panel sees stockpiles falling below their five-year average in the second quarter, a delegate said Tuesday. There are pockets of physical-market strength, too. Royal Dutch Shell plc raided the North Sea market Monday, buying the most benchmark-grade cargoes in a single day in 10 years in the S&P Global Platts pricing window. The oil major also bid for a further seven shipments in a flurry of activity. Alongside that move, the structure of the futures curve has been firming, adding to the bullish outlook. Nearby Brent timespreads are trading in their biggest backwardation in a year, suggesting supply tightness. Oil still faces bumpy short-term demand amid concern that new virus variants will lead to more lockdowns, while vaccine rollouts are slower than expected in some countries. Still, with cold […]
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