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(CLN19.NYM)

NY Mercantile - NY Mercantile Delayed Price. Currency in USD
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56.88+0.23 (+0.41%)
As of 2:29PM EDT. Market open.
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Pre. SettlementN/A
Settlement DateN/A
OpenN/A
Bid54.00
Last Price56.65
Day's RangeN/A - 57.02
Volume19,128
Ask57.25
  • China’s Coal Needs Are Ramping Up. That Should Boost These Two Stocks.
    Barrons.com

    China’s Coal Needs Are Ramping Up. That Should Boost These Two Stocks.

    Coal-linked investors, even those trying to cut their exposure via ESG strategies, should not turn their back on what China could offer.

  • Oil prices get a lift from China data as OPEC report suggests an uptick in demand
    MarketWatch

    Oil prices get a lift from China data as OPEC report suggests an uptick in demand

    Crude-oil futures trade higher on Tuesday after a report on Chinese international trade provided further evidence that an economic rebound was taking hold in one of the biggest importers of crude and global commodities.

  • Oil Rises With OPEC Expecting Demand Rebound to Absorb Output
    Bloomberg

    Oil Rises With OPEC Expecting Demand Rebound to Absorb Output

    (Bloomberg) -- Oil climbed after OPEC boosted its expectation for this year’s demand recovery, predicting the market will be able to absorb the extra supply from a revival of the alliance’s output.Futures rose as much as 1.5% in New York on Tuesday, trading just above $60 a barrel, a level around which prices have gyrated for almost four weeks. OPEC raised its forecast for oil consumption by 190,000 barrels a day for 2021, though lowered its outlook for the second quarter.Pockets of higher oil consumption are emerging worldwide as vaccinations climb. In the U.S., government figures showed miles traveled on highways over the Easter holiday period were the highest since March 2020. Inflation data showed the biggest increase since 2012 as signs of an economic rebound grow.“It was one of the more upbeat OPEC monthly reports in a while,” said John Kilduff, a partner at Again Capital LLC. Meanwhile, “we keep inching closer and closer toward a full opening, which is what this market needs.”The market has failed to shake off near-term demand concerns because of the resurgence of the virus. A flare-up of Covid-19 cases is leading to renewed restrictions in countries like India, where streets are emptying again as the nation tackles a new wave of infections. U.S. health officials called for an immediate pause in use of Johnson & Johnson’s single-dose Covid-19 vaccine over blood clot concerns.“Prices may be gaining today, but there is still a plethora of short-term hesitancy over Covid-19 breakouts and vaccine progress,” said Louise Dickson, analyst at Rystad Energy AS. Still, the market “will eventually give into long-term hope of vaccine campaigns doing their job and some economies returning to normal toward summer.”The Organization of Petroleum Exporting Countries and it allies will be returning about 2 million barrels a day of output from May to July. More than half of the increase will be provided by OPEC’s de facto leader, Saudi Arabia, which has been making extra cutbacks to help clear the lingering glut. Rising demand means stockpiles should continue to diminish, the group indicated in a monthly report on Tuesday.But rising output elsewhere could complicate the balance. Crude production next month in the Permian Basin, the most prolific U.S. shale patch, is expected to reach levels not seen since the start of the pandemic.Meanwhile, U.S. crude stockpiles are expected to have fallen last week, according to a Bloomberg survey. The industry-funded American Petroleum Institute will report its figures later Tuesday ahead of the U.S. government’s weekly storage figures on Wednesday.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.