PEGY - Oil scores fifth straight monthly gain as supply fears top China lockdowns

Crude oil closed April with a fifth consecutive monthly gain as supply challenges from Russia's war in Ukraine outweighed worries over demand tied to China's COVID-19 lockdowns. WTI futures (CL1:COM) for June delivery rose 2.6% for the week and 4.4% for the month to $104.69/bbl, while June natural gas (NG1:COM) soared 28.4% in April to $7.244/MMBtu for its best monthly gain since 2009, and May heating oil futures (HO1:COM) expired at an all-time high near $5.86/gal. Crude is rallying with demand concerns seen as short-term while supply concerns are persistent, CIBC Private Wealth Management's Rebecca Babin told Bloomberg, adding that next week will bring official selling prices from Saudi Arabia "as a good litmus test for how much demand is suffering in China." With the war entering its third month, Germany reportedly withdrew its objection to a European Union embargo on Russian oil, with an announcement possibly coming next week, which

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Oil scores fifth straight monthly gain as supply fears top China lockdowns