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Macro Pulse highlights recent activity and events expected to affect the U.S. economy over the next 24 months. While the review is of the entire U.S. economy its particular focus is on developments affecting the Forest Products industry. Everyone with a stake in any level of the sector can benefit from
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Friday, June 5, 2015

May 2015 Monthly Average Crude Oil Price

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The monthly average U.S.-dollar price of West Texas Intermediate (WTI) crude oil extended its gain for a second month, rising $4.92 to $59.37 per barrel in May. The price increase coincided with a weakening U.S. dollar, the lagged impacts of a 158,000 barrel-per-day (BPD) decrease in the amount of oil supplied/demanded in March (to 19.2 million BPD), and a rollover in accumulated oil stocks. The monthly average price spread between Brent crude (the predominant grade used in Europe) and WTI widened by $0.08 in May, to $5.15 per barrel. 
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Futures traders ended the data-collection period with a sour dispositions; however, with futures prices in “contango” (i.e., near-term contracts are priced lower than later-term contracts), we do not expect significant additional fallout in spot oil prices. 
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The foregoing comments represent the general economic views and analysis of Delphi Advisors, and are provided solely for the purpose of information, instruction and discourse. They do not constitute a solicitation or recommendation regarding any investment.

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