Oil prices were volatile in May, rising in the first half of the month as President Trump re-imposed sanctions on Iran, then falling in the second half due to rising US production and speculation that OPEC would boost output in June. The Brent-WTI spread widened dramatically as surging US output has weighed on the price of WTI. Meanwhile, the prices of LNG and coal all rose sharply as demand in Asia remained unseasonably strong. But there are some signs that coal prices may have got ahead of fundamentals.
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