15MAY2019 - NEWS - OPEC sees more 2019 demand for its oil

The OPEC Reference Basket (ORB) rose by $4.41, or 6.6%, in April month-on-month (m-o-m), to average $70.78/b. The ORB extended its gains during the month, reaching a six-month high, as the ongoing bullish market sentiment was fuelled by concerns about additional oil supply disruptions in the wake of new geopolitical risks in key oil producing regions. Crude oil futures prices also reached their highest level since last October on the back of improved market sentiment and robust oil market fundamentals amid oil supply outages. In April, ICE Brent was on average $4.60, or 6.9%, higher m-o-m at $71.63/b, while NYMEX WTI rose by $5.70, or 9.8%, m-o-m to average $63.87/b. DME Oman crude oil futures also increased m-o-m by $4.25, or 6.4%, over the previous month to settle at $71.20/b. The Brent and Dubai backwardation structures firmed with the front of the curves steepening further, while the NYMEX WTI contango structure narrowed. Hedge funds and other money managers added more bullish positions in April for both Brent and WTI.

Published by Editor - www.Livebunkers.com at 15-May-2019 06:53:55 [UTC] , contact editor at editor@livebunkers.com