Supply woes come and go

摘要

Oil prices hit fresh record highs on supply disruptions. But the rally was reversed by a recovering dollar, and the return of lost North Sea and Nigerian production. US crude marker June WTI fell by 3.54/bl over the week to 1 May, ending at 112.52/bl, after expiring May cash WTI crude hit a high of 119.82/bl on 25 April. The fall in WTI in front-month terms was 4.69/bl, while Atlantic basin benchmark North Sea Dated fell by 7.50/bl to 107.43/bl, after hitting a new record at 116.56/bl on 25 April. Supply cuts provided the initial bullish momentum to the market, as a strike by ExxonMobil workers in Nigeria brought the US firm's 800,000 b/d output from the country to a halt for eight days starting on 24 April.