CDN NEWS | 
US NEWS 
May 13, 2022
(Bloomberg) Oil climbed as a global squeeze on refined products continued to pull fuel prices higher with Russian diesel exports falling sharply.
West Texas Intermediate rose 4.1% on Friday and eked out a weekly gain of 0.7% after a series of tumultuous trading sessions where lowered liquidity exacerbated price moves. Diesel exports from Russia dropped in April from their prewar level as oil buyers seek to punish one of the world’s biggest suppliers.
Investors have also been keeping a close eye on China as authorities in Beijing
Shrinking US fuel stockpiles ahead of the summer driving season are signaling little relief for consumers. Gasoline futures in the U.S. are trading $55 a barrel above crude, the widest gap in years. Retail prices of both gasoline and diesel also climbed to a fresh record, AAA data showed Friday. International Energy Agency said that there’s “almost universal product shortage,” in its monthly report on Thursday.
Friday also saw US gasoline futures settle at a fresh record high, signaling more pain at the pump is likely on the way for American drivers and fueling inflation concerns in the world’s largest economy.
Oil has swung sharply within a band of about $12 this week. Although China’s virus outbreak and Russia’s war in Ukraine have contributed to choppy trading since late February, in recent days the specter of higher interest rates and rampant inflation have also weighed on risk sentiment.
Prices
- WTI for June delivery rose $4.36 to settle at $110.49 a barrel in New York
- Brent for July settlement gained $4.10 to settle at $111.55 a barrel
- The prompt timespread was $1.80 in backwardation, compared with $1.34 at the start of the week
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