Oil futures were lower across-the-board Tuesday, with front-month NYMEX crude setting a fresh six-year low as persistent concerns over surplus inventories weigh on prices. The April contract’s discount to May decreased 52 cents to $1.73/b. The April contract’s coming expiration Friday could have prompted traders to begin rolling their positions into the May contract, Tradition Energy senior analyst Gene McGillian said. Traders with short positions would need to buy April futures and sell May futures, explaining why the price gap would narrow, he said. “It took some of the contango out of market,” McGillian said. ICE May Brent settled 43 cents lower at $54.31/b. In refined products, NYMEX April ULSD ended 47 points softer at $1.6939/gal; April RBOB closed up 15 points at $1.7301/gal. The Federal Open Market Committee began its two-day meeting Tuesday, with market participants looking for any clues regarding possible […]