Futures markets were mixed as midday approached Friday, with crude oil finding some upward momentum and product futures running flat to a bit lower.

Liquidity in the front month is starting to wane for crude oil and products as June West Texas Intermediate expires on Tuesday and there are limited trading days left for May products and July Brent futures.

After some selling on Thursday, WTI futures have rebounded and were trading north of the $62/gal mark. June WTI was trading nominally below the $62.60 high at $62.56/bbl up 94cts at noon ET. July WTI was about 50cts cheaper, last printing at $62.03/bbl, up 88cts and also relatively close to the highs.

July Brent heading into midday was up 89cts at $65.42/bbl. For the more actively traded WTI and Brent contracts, Friday's trading ranges fall well within Thursday's range, a sign that volumes are somewhat light but also an indication that the market lacks any real conviction one way or another.

RBOB has found a little bit of upside, but the real mover over the past week or so has been in ULSD, and with prices down Friday, a bit of profit-taking has hit that contract.

Energy Information Administration data has been supportive for diesel lately, and the latest report shows total U.S. distillate inventories at more than 20-year lows with solid exports. The fundamental support for ULSD futures has prices above RBOB futures, and that persists through at least the remainder of 2025 based on where the forward curve currently stands.

June ULSD was down a cent at $2.156/gal with July just about unchanged at $2.1095/gal, lightening the backwardation. Cash markets are showing some strength, particularly in the New York Harbor where prompt barrels were 3.25cts over futures.

RBOB futures were trading higher by about a cent across the two front month contracts, with June last trading at $2.1459/gal and July at $2.1062/gal.


This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.


--Reporting by Denton Cinquegrana, dcinquegrana@opisnet.com; Editing by Michael Kelly, mkelly@opisnet.com

(END) Dow Jones Newswires

05-16-25 1257ET