Oil Prices Above $58 as US Shale Forecasts First Monthly Decline in 4 Years

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Oil prices went up today. Tariffs were also placed on durable steel containers in today’s MetalCrawler.

Crude Oil Rising

Crude oil rose today after a forecast that US shale oil output would record its first monthly decline in more than four years and also on tensions in Yemen, where top oil exporter Saudi Arabia is embroiled in a civil war.

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Brent crude was up 32 cents at $58.25 a barrel this morning, while US crude was up 57 cents at $52.48.

The US Energy Information Administration (EIA) said on Monday it expected US shale production to fall by 45,000 barrels per day to 4.98 million bpd in May.

Shale production has helped boost US oil output by more than 4 million bpd since 2010 and has been a key factor behind the collapse in world oil prices over the last year. A collapse in oil prices from above $115 a barrel last June has now begun to hit exploration.

Commerce Places Tariffs on Shipping Containers

The Dept. of Commerce determined that imports of steel shipping containers from China have been sold in the US at dumping margins ranging from 107.19% to 111.22%. Commerce also determined that imports of containers from China have received countervailable subsidies ranging from 17.13% to 28%. The products covered by these investigations are 53-foot domestic dry containers, which are durable, reusable, weatherproof, closed van containers approximately 53 feet in exterior length, designed for the intermodal transportation via container ship, rail or trucking. Wisconsin-based petitioner Stoughton Trailers LLC filed the initial complaint against the Chinese manufacturers.

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