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Oil market selling picks up

Oil prices continued to trend higher on Wednesday, May 12, with Brent rising 0.67% to $68.87/bbl, and WTI advancing 0.77% to $65.77/bbl.

All US southeastern states faced differing degrees of a gasoline shortage due to the Colonial Pipeline outage. In several states, 40-50% of gas stations were temporarily shut down. Today, the troubled refined products pipeline is partially up and running, thus alleviating the fuel shortage and possibly halting the rise in oil prices, alongside the DoE’s US crude inventory data, which showed a drawdown of 427,000 bbl last week, while the market expected a decline of 2.82 mln bbl.

Crude futures have been in decline since the opening of today's trading session, with Brent down 1.52%, dropping below $68/bbl, and WTI off 1.67%, having failing to hold $65/bbl. Today’s Brent price forecast range is $67-68.5/bbl.

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