The Brent oil price firmed again overnight to $59.80 as I write. The main story here is the market embrace of peak US production in the short term, from Bloomie:
The shale oil boom that pushed U.S. crude production to the highest level in four decades is grinding to a halt.
Output from the prolific tight-rock formations such as North Dakota’s Bakken shale will decline 57,000 barrels a day in May, the Energy Information Administration said Monday. It’s the first time the agency has forecast a drop in output since it began issuing a monthly drilling productivity report in 2013.
