Crude Posts Worst May in Seven Years as Trade-War Anxiety Builds - Bloomberg

Crude Posts Worst May in Seven Years as Trade-War Anxiety Builds - Bloomberg:

Oil posted its worst May performance in seven years as global trade tensions escalated, undermining the outlook for energy demand growth.

Futures tumbled 5.5% in New York on Friday to a depth not seen in more than three months. Equities also plunged as investors deserted risky asset classes for the safety of gold and U.S. Treasuries. President Donald Trump’s threat to punish Mexico with tariffs because of illegal immigration darkened already-parlous global trade prospects.

Oil surged more than 40% to start the year on the strength of OPEC output cuts and crises in Venezuela, Iran and other suppliers. But since peaking in late April, prices have fallen off more than 19% as the U.S.-China trade dispute intensified. A jump in U.S. gasoline stockpiles disclosed in a government report this week added to angst about slackening demand.

Oil falls over 3% on fresh trade worries, posts biggest monthly drop in six months - Reuters

Oil falls over 3% on fresh trade worries, posts biggest monthly drop in six months - Reuters:

Oil slumped over 3% on Friday and posted its biggest monthly drop in six months, after U.S. President Donald Trump stoked global trade tensions by threatening tariffs on Mexico, a key U.S. trade partner and major supplier of crude oil.

Brent crude futures fell $2.38, or 3.6%, to settle at $64.49 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell $3.09 to $53.50 a barrel, a 5.5% loss.

Brent touched a session low of $64.37 a barrel, lowest since March 8. WTI hit $53.41 a barrel, weakest since Feb. 14.

Brent futures posted an 11% slide in May and WTI a 16% drop, their biggest monthly losses since November.

Big Oil's Message to Permian Strugglers: We Won't Bail You Out - Bloomberg

Big Oil's Message to Permian Strugglers: We Won't Bail You Out - Bloomberg:

Big Oil probably won’t be buying up the Permian Basin’s struggling independent drillers any time soon.

Years of costly exploration and frantic buying sprees have gutted shareholder returns in the world’s largest shale basin. And management teams and their financial backers can’t count on shale-hungry, cash-rich supermajors to buy them out.

Exxon Mobil Corp., Royal Dutch Shell Plc, Chevron Corp. and ConocoPhillips are all on record saying they are wary of scooping up smaller rivals at a time when would-be sellers are demanding premium payouts and global crude prices are under pressure from ample supplies.

Oil drops 1%, set for biggest monthly fall since November as trade wars spreads - Reuters

Oil drops 1%, set for biggest monthly fall since November as trade wars spreads - Reuters:

Oil prices fell by more than 1% on Friday and were on track for their biggest monthly fall since November as trade conflicts spread and U.S. crude output returned to record levels.

Front-month Brent crude futures, the international benchmark for oil prices, were at $65.97 at 0639 GMT, down by 90 cents, or 1.4%, from last session’s close.

U.S. West Texas Intermediate (WTI) crude futures were at $55.92 per barrel, down 67 cents, or 1.2%, from their last settlement. WTI earlier marked its lowest since March 8 at $55.66 a barrel.