At least 10 tankers are at or near locations off the coasts of England and Scotland where they must wait to transfer their cargoes, according to vessel-tracking information compiled by Bloomberg. The increase is happening amid seasonal work at the U.K.’s largest oil field. "The physical crude market is already showing signs of weakness with floating storage threatening to build up in the North Sea, in spite of ongoing field maintenance," according to a research note from JBC Energy GmbH. It cited the vessel pile up at the ship-to-ship transfer sites as one of the indicators of a surplus. click Read More to get to the rest of this article
Brent crude futures mark highest finish month to date.
Oil futures climbed Thursday, stretching their winning streak to a third session, as investors focused on still percolating Middle East tensions.
West Texas Intermediate crude for June delivery rose 85 cents, or 1.4%, to settle at $62.87 a barrel, with prices marking the highest finish for a front-month contract since May 1, according to Dow Jones Market Data. Prices posted a third straight climb and trade roughly 2% higher for the week.
The global benchmark, July Brent, added 85 cents, or 1.2%, to $72.62 a barrel on ICE Futures Europe, for the highest finish to date in May.