Chinese crude buying at risk
- Oil
- January 18, 2021
Brent futures prices continue to be under pressure across the curve as rising coronavirus cases in China clouds the outlook for demand. Physical crude grades associated with Chinese crude buying retreated, as Chinese independent refiners prefer to consume their crude stockpiles in case spot prices were to weaken significantly more. However, Asian gasoline prices remain broadly supported by the scarcity in naphtha cargos, which are bidding up common refining components, combined with higher fuel oil yields due to the cold Asian weather reviving utility demand. US shale producers continued to add onshore rigs last week following early January’s rally.
Share this news :
You might also read :
Crude prices continued to be lifted by a declining US dollar, while the Libyan national oil company declared force majeure on its Hariga port due to budget…
May 31, 2021
European prices down again
European gas prices extended (moderately) losses on Friday as the rise in temperatures continued to exert downward pressure. The drop in Asia JKM prices and…
March 12, 2021
The ECB takes the bull by the horns. The Fed will likely be forced to follow
The ECB has already started to increase its asset purchases in order to address rising bond yields. There has been a curious respite on the…
Subscribe to our newsletter