On Friday, the 15th of May 2020, both US and UK crude futures’ prices due to be expired on June had witnessed a bullish wave with US WTI crude climbing more than 7 per cent and Brent adding 4.4 per cent, marking up the US crude futures’ prices highest level since March, as petroleum demands appear to be surging across the globe with an ease of lockdown in a number of major economies.
In point of fact, Friday’s (May 15th) rally in the crude oil market was mostly buoyed up by an ease of travel restriction inclined on March to contain the pandemic outbreak, while Europe’s last-ditch attempt to salvage something out of its summer tourism season alongside a 3.9 per cent growth in China’s April industrial activity on an annualized basis had bolstered investors’ hope despite worries of resurgences in pandemic cases.
On top of that, as a steep downturn in US Shale activities had also contributed to Friday’s (May 15th) rallies of the crude oil futures’ prices, a director of energy futures at Mizuho in NY, Bob Yawger said on Friday’s (May 15th) market closure, “It is no accident the spread switched after EIA crude oil storage, and storage at the NYMEX delivery site at Cushing, both posted up their first storage draws in weeks in Wednesday’s storage report.
” Citing statistics, on Friday’s (May 15th) closing bell, US WTI (West Texas Intermediate) crude futures’ prices skyrocketed 6.8 per cent to $29.43 per barrel after jumping as much as 9 per cent on Thursday (May 14th), while Brent crude futures’ prices surged 4.4 per cent to wind down the day at $32.50 a barrel following a 7 per cent rise in the previous session.
Besides, as both US and UK crude oil futures due to be expired on June had stretched their third consecutive winning streak on Friday (May 15th), US WTI crude futures’ prices mushroomed 19.7 per cent last week, while Brent crude added 5.2 per cent in weekly gains.