Oil Futures Mixed Ahead of U.S.-China Summit


   
Maria Eugenia Garcia
DTN Energy Reporter

   HOUSTON, TX (DTN) -- Oil futures were mixed Wednesday (5/13) as traders saw 
little prospects for a cease-fire in the U.S-Iran conflict, while volatility 
intensified amid tighter supplies.

   Concerns over supply tightness expectations were reinforced by reports 
showing OPEC+ crude output fell by 1.74 million bpd to 33.19 million bpd in 
April, reflecting the impact of the Iran conflict and disruptions to the Strait 
of Hormuz on global supply.

   Saudi Arabia's output alone fell to its lowest in more than 35 years as it 
produced approximately 7.5 million bpd in April -- the weakest since 1990 -- 
the Organization of the Petroleum Exporting Countries (OPEC) said in its May 
monthly report.

   With negotiations for a ceasefire in the Iran conflict stalled, market 
participants are focusing on U.S. President Donald Trump's three-day visit to 
China for talks with Chinese President Xi Jinping.  

   According to media reports, Trump said before departing for Beijing on 
Tuesday (5/12) that he does not need China's help to end the war in Iran.

   The meeting's agenda is expected to focus on bilateral economic relations as 
well as the war in Iran war, given China's role as the largest buyer of Iranian 
oil despite U.S. sanctions.  

   The front-month NYMEX WTI futures contract climbed $0.11 to $102.29 bbl, 
while the July ICE Brent futures contract dropped $0.50 to $107.27 bbl.

   June RBOB gasoline futures fell by $0.0421 to $3.6556 gallon, the 
front-month ULSD contract decreased $0.0517 to $4.1071 gallon.

   The U.S. dollar index strengthened 0.250 points to 98.430 against a basket 
of currencies. 




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