In a repeat of the previous mid-month's performance, the April-May period saw posted and spot prices start higher, move lower, and then rebound a bit to gain back a portion of their losses. The latest reporting period had oil prices tumbling under $50/bbl as propane's value on a per-gallon basis held between 54% for 55% to crude. Like propane, oil struggled to move higher and erase its losses. At press time, oil futures settled at a two-week high after energy ministers from Saudi Arabia and Russia released a joint statement supporting a nine-month extension of OPEC-led production cuts. If finalized at the cartel's May 25 meeting, the agreement would keep current caps in place through the first quarter of next year. However, analysts note that even if production cuts are extended, the market will continue to be concerned by growing crude production in the U.S.
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