June update

摘要

The oil market stabilised somewhat in April - not difficult after the dizzy heights of March - but then took some really major hits in the early part of May. Diesel was down 2.67ppl on one single day (5th May) and overall, in the first week of the month, a massive drop of 4.50ppl took place. On the back of these price drops, there was the usual combination of hyperactive press comment and reasoned industry analysis. On the hyperactive side, the press was full of reports regarding the "bursting of the bubble", "the end of the road for the speculators" and "the stripping bare of commodities". From a calmer perspective, analysts pointed to what was called a "price equalisation" process, whereby supply and demand became balanced and prices become less volatile.