Oil complex lower amid bearish fundamentals

摘要

New York—NYMEX June crude settled 27 cents lower at $99.99/barrel Friday amid weak fundamentals after trading in the black earlier in the session. ICE Brent settled down 15 cents at $107.89/b. NYMEX products were lower as well, led by June ULSD, which settled 1.34 cents lower at $2.9068/gal. RBOB settled down 90 cents at $2.8960/gal. “Geopolitical risk seems to have dried up, and this is coming on the back of near record crude stocks and tepid demand,” Tradition Energy analyst Gene McGillian said. “With fundamentals remaining this weak, its hard to see a move to the upside without an actual disruption [to supply],” he said. “The market is coming under pressure.”