A fleeting high

摘要

Benchmark crude futures ended only marginally higher after an earlier rally was snuffed out by weak economic data and US stockbuilds. Crude futures rose by over $2/bl on 31 May when the Keystone pipeline, which ships crude from Canada to the WTI delivery point at Cushing, was shut following a leak. Nymex front-month WTI was at an intra-day high of $103.39/bl on 31 May and an intra-day low of $98.46/bl on 2 June, as the EIA reported a 2.9mn bl build in US crude stocks. Ice front-month Brent hit an intra-day high of $117.49/bl on 31 May, before falling to $113.74/bl on 2 June.