Crude oil futures settle at $113.23. That’s up $1.02 or 0.91%. That is for the June contract which goes off the board today. The July contract meanwhile is closing up $0.39 at $110.28. Norway today announced that April preliminary oil production fell to 1.66 million barrels per day vs. expectations 1.86 million barrels per day. The decline is likely due to oil field maintenance work. Nevertheless any disruption oil production is a concern. The Baker Hughes recount came in decent with 13 new oil rigs up to 576 and total rigs up 14 to 728. For the week, last week the price closed at $110.49. With the July contract closing at $110.28, the gain for the week is $0.21 or 0.19%. Technically, the price moved up to test a topside trend line during Monday and Tuesday’s trade, but could not sustain momentum and rotated back to the downside. The move lower fell back below the early May high price at $111.37. The high price today reached $111.04. It will take a move above that level to increase the bullish bias with the topside trend line as a target. On the downside the 38.2% retracement $104.50 followed by the rising lower trendline (at $100.25 currently) are downside targets going forward. Crude oil trade between channel trendline

The June oil contract rolled off today at $113.23, up $1.02 to close it out.
The volume and speculative trading is all in July now but that was higher as well, up $43-cents to $110.23.
I feel like I’m beating a dead horse at this point but the resilience in oil is unprecedented. At virtually any other time in history if you had one of the worst stretches for stocks coupled with widespread economic angst, you’d see oil underperforming. Instead, it’s not only outperformed, but it’s made gains. Oil is up 10% in the past four weeks. This is the first close above $110 since March 25.
I keep waiting for this shoe to drop as the mood out there worsens but it’s just not happening. Now there’s talk about Shanghai reopening and at some point stocks need to at least bounce.
It’s increasingly clear that there just isn’t enough supply. I fear how high prices could go, particularly if predictions of Russia losing 3 million barrels per day come true.
The problem for the larger market is that oil spending is taking up a larger share of the wallet. This is data from JPM. Gasoline prices have risen every day since April 26.