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MNI Commodity Weekly: China Growth Reality Pressuring Any Oil Recovery

OIL
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Executive Summary:

  • China Growth Reality Pressuring Any Oil Recovery: Oil markets carried some momentum on China stimulus measures this week, but the reality is setting in that the post covid recovery has run its course and short-term bullish narratives are few and far between for the world’s largest oil importer. See the key factors in China oil market at present in our main.
  • Oil Markets: Front month futures have moderated slightly after a rally to the highest since Sept. 3 on near term supply risks and as the market assesses the potential impact on oil demand from economic stimulus measures in China. Diesel cracks have followed the crude move but overall margins remain under pressure due to current tepid demand despite support from refinery maintenance and possible run cuts due to low margins. (Pg.5)
  • Analyst Views: See oil market views and outlooks from biggest names in industry. (Pg.9)
Full piece here:

MNI Commodity Weekly - China Growth Reality Pressuring Any Oil Recovery.pdf

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Executive Summary:

  • China Growth Reality Pressuring Any Oil Recovery: Oil markets carried some momentum on China stimulus measures this week, but the reality is setting in that the post covid recovery has run its course and short-term bullish narratives are few and far between for the world’s largest oil importer. See the key factors in China oil market at present in our main.
  • Oil Markets: Front month futures have moderated slightly after a rally to the highest since Sept. 3 on near term supply risks and as the market assesses the potential impact on oil demand from economic stimulus measures in China. Diesel cracks have followed the crude move but overall margins remain under pressure due to current tepid demand despite support from refinery maintenance and possible run cuts due to low margins. (Pg.5)
  • Analyst Views: See oil market views and outlooks from biggest names in industry. (Pg.9)
Full piece here:

MNI Commodity Weekly - China Growth Reality Pressuring Any Oil Recovery.pdf