The June ICE Brent/NYMEX WTI spread settled $1.02 wider at $8.13/barrel Friday after hitting a one-month high early in the session amid ongoing fighting in Yemen and bearish supply pressure in the US. The prompt spread widened to $8.41/b during morning US trade, the highest since March 23, when the spread settled at $8.47/b. NYMEX June crude settled 59 cents lower at $57.15/b, while ICE June Brent ended 43 cents higher at $65.28/b. Products were led by NYMEX May RBOB, which settled 1.23 cents higher at $2.0079/gal. May ULSD settled 44 points higher at $1.9283/gal. “The broad perspective is this ongoing concern regarding Yemen, with the Saudis and their allies increasing the pressure there, when we had thought earlier in the week that they were going to back off,” CHS Hedging analyst Tony Headrick said. Article continues below… “So there’s the familiar risk premium being added to Brent, while […]