Commodity prices stabilized with crude oil even recorded modest gains. Market sentiment was lifted as DOE/EIA’s monthly report showed that US crude oil production fell -180K bpd to 9.5M bpd in May from a month ago. The sharp decline was driven by the drop of output in the Gulf of Mexico, Texas and Alaska. Demand growth rose +600K bpd, or +3.2% y/y, in May as led by gasoline and NGL demand.
Here is the original post:
Crude Price Gained on Drop in US Production