Innovative Energy Consultancy Ltd
Innovative Energy Consultancy Ltd

Oil prices surge 10.4% to reach 7-month high

Brent crude oil surged 10.4% to average $47.5/bl in May, and hit a seven-month high of $50.1/bl on 26 May.

Throughout the month prices were supported by a number of supply disruptions. Among these were wildfires in Canada, militant threats against oil facilities in Nigeria, political unrest in Libya and economic difficulties in Venezuela.
In addition, the International Energy Agency believes that the oil market is beginning to rebalance amid decreasing non-OPEC output.
API 2 coal grew 7.3% to average $46.9/t. A combination of supply cuts from major coal producing countries, namely the US and Indonesia, and rise in Asian demand for imported coal supported prices.
EU ETS carbon jumped 5.4% to average €6.0/t, but prices remained 20.1% lower than last year’s level (€7.5/t).
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