Research type: Commodities

On May 21, US crude oil July futures fell 0.1% and settled at $63.13 per barrel despite a 0.8% gain in the S&P 500 Index (SPY).

On May 21, natural gas June futures fell 2.2% and settled at $2.61 per MMBtu—4.9% above the lowest closing level since June 6, 2016.

This week, US crude oil inventories are expected to decline. A Reuters poll suggests a fall of 3 million barrels in the API's US crude oil inventories.

On May 20, Brent crude oil active futures settled ~$8.76 higher than the WTI crude oil active futures.

Last week, US President Donald Trump exempted Canada and Mexico from the Section 232 steel and aluminum tariffs.

20 May

Will Oil Continue to Rise This Week?

BY Robert Scott

Last week, US crude oil June futures rose 1.8% and closed at $62.76 per barrel on May 17—the first weekly gain since April 19.

At 7:15 AM EST on May 20, the natural gas active futures have risen more than 2%. US crude oil is trading 0.4% higher than the closing level last week.

According to Reuters, on May 16, Vale (VALE) told prosecutors that a dam was at risk of rupturing at its Gongo Soco mine.

At 5:56 AM EST on May 17, US crude oil active futures were at $63.32, which is ~2.7% above the closing level the previous week.

On May 15, natural gas June futures fell 2.2% and settled at $2.60 per MMBtu—4.4% above the lowest closing level since June 6, 2016.

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