“People have been picking up on the bullish indicators in the market ahead of the seasonal draw in crude stocks,” said David Wech, an analyst at JBC Energy GmbH in Vienna. West Texas Intermediate for May delivery was at $53.13 a barrel on the New York Mercantile Exchange, up 5 cents, at 12:01 p.m. London time. Total volume traded was about 17 percent below the 100-day average. The contract gained 84 cents to $53.08 on Monday, the highest close since March 7. Brent for June settlement was up 8 cents at $56.06 a barrel on the London-based ICE Futures Europe exchange, after rising 74 cents to $55.98 on Monday. The global benchmark crude was at a premium of $2.53 to June WTI. U.S. crude inventories climbed to 535.5 million barrels at the end of March, the highest in weekly data compiled by the EIA since 1982. While total supplies may have started to fall last week, stockpiles at Cushing in Oklahoma, the delivery point for WTI and the biggest U.S. oil-storage hub, probably rose by 800,000 barrels, according to a forecast compiled by Bloomberg. click Read More below for more of the story
National Average Price for Regular – Current: $2.346; Month Ago: $2.409; Year Ago: $2.262.
National Average Price for Diesel – Current: $2.499; Month Ago: $2.536; Year Ago: $2.253.
Marketers’ disgust with online ad fraud has created an opening for our industry, but we’re not ready to take advantage of it. Our out-of-date, out-of-synch approaches to magazine advertising proposals are holding us back from taking advantage of this new opportunity. Judging from my interactions with advertising sales reps, they’re seeing fewer digital-only RFPs these days and more media-agnostic ones. Marketers who were in the “print is dead” camp now seem intrigued with the ability of print to engage their most valuable prospects. But simply buying ad pages in general-interest magazines is not their idea of effective targeting.
Oil capped a third weekly loss last week after dropping to levels last seen before the Organization of Petroleum Exporting Countries agreed in November to reduce production. OPEC will meet May 25 to decide whether to extend supply cuts through the second half of the year as concerns mount that its efforts to trim a global glut are being overwhelmed by rising U.S. supply. “Saudi and Russia’s main objective is once again to buy some time in the strong belief that hard data is about to turn more favorable as the high demand season approaches,” said Ole Sloth Hansen, head of commodity strategy at Saxo Bank A/S in Copenhagen. “It’s the old tried and tested verbal intervention. They’re serious, but they hope it isn’t necessary.” click Read More below for additional detail