Oil prices are rising as summer demand finally kicks in and hurricane season threatens U.S. supply.
1. Summer Demand Finally Kicks In, Lifting Oil Prices Out of Contango - The summer rally of the oil markets might finally materialize as ICE Brent crept up to $85 per barrel, even higher than it was before the OPEC meeting, and contango in the North Sea paper market disappeared.
- Glencore’s acquiring 77% of Teck Resources’ coal business, heavily tilted towards metallurgical coal, has paved the way for even bigger deals, with the market now expecting Anglo American to divest its Australian coal operations. - Despite seeing notably more demand, coking coal is more toxic than thermal coal due to its higher methane content, with its total emissions being three times higher than steam coal.
Oil Prices Demand Supply Contango Trading
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