Oil Prices - May 29

[dan_s]

This is why oil price is up today:
> http://www.marketwatch.com/story/platts ... 2015-05-29
> Plus, yesterday's U.S. oil storage report was bullish
> IMO global demand for transportation fuels will continue to move higher

SINGAPORE, May 29, 2015 /PRNewswire/ -- China's apparent oil demand* in April increased 5.4% from a year earlier to 42.89 million metric tons (mt), or an average 10.48 million barrels per day (b/d), according to a just-released Platts analysis of Chinese government data.

Apparent demand during the month was mainly supported by an increase in demand for light-end products such as gasoline. (SUV sales in China are way up this year.)

China's refinery throughput in April averaged 10.54 million b/d, rising 6.9% from a year earlier, data from the country's National Bureau of Statistics showed May 13.

[dan_s]

I also think the fact that ISIS is winning in Iraq is starting to sink in. If ISIS increases the attacks in Bagdad it is sure to put more "risk premium" on oil prices.