Market Update: Oil & Gas - May 2015

Market Update: Oil & Gas - May 2015

Crude oil futures rallied throughout April and early May registering the biggest monthly gains since May 2009. Lower-than-expected inventory builds in the US, the appointment of a new Saudi Prince and a leadership reshuffle at the Saudi Arabian national oil company were all seen as bullish factors supporting the rally. Prices were further buoyed by a weaker US dollar; and news of a price hike of Saudi Arabian official selling prices (OSPs) for the Arab Light grade for European and US customers.

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New York Mercantile Exchange (NYMEX) and West Texas Intermediate (WTI) crude futures peaked at 59.63 US dollars (US$) per barrel (b) on 30 April – a 2015 high. ICE Brent crude futures edged closer to the US$70 handle, hitting an intra-month and 2015 high of US$66.93/b. 1,2

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