Crude oil prices on Wednesday experienced the largest single-day move in six weeks, as market participants reacted to a surprise gain in U.S. gasoline inventories, along with continued growth in domestic production. Prompt-month NYMEX crude futures fell nearly $2 per barrel to close at $50.44 while Brent futures ended the day at $52.93.
Members of a panel at this week’s Gulf Coast Power Association in Houston speculated that President Donald Trump’s administration is likely to shift more electricity industry authority to states and independent system operators. Resulting market restructuring could include a focus on system reliability over mandates for specific generation technologies.
Speaking at a conference in the United Arab Emirates on Thursday, Saudi Energy Minister Khalid al-Falih noted that a consensus is growing among OPEC member nations to extend production cuts beyond the initial six-month term ending in June. A final decision on extending the cuts is expected at the group’s next scheduled meeting on May 25, but a monitoring committee with members from Kuwait, Algeria, Venezuela, Russia, and Oman are expected to issue a formal recommendation ahead of that session.