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MNI Commodity Weekly: OPEC Unable to Ignore China Weakness

Executive Summary:

  • OPEC Unable to Ignore China Weakness: After a 2024 of overly optimistic outlooks, even OPEC is beginning to concede the demand outlook picture from China is weak and the post lockdown boom has long lost its shine.
  • Oil markets: Since August 5, oil markets have seen strong gains - breaking through technical resistance levels. These gains have been driven by geopolitical risk fears, which have outweighed lower demand revisions in industry reports and economic concerns from the U.S. and China. Demand concerns have however pushed U.S. diesel cracks below the lows seen in July, while gasoline cracks have fallen to their lowest since February. (Pg. 3)
  • Analyst Views: See latest energy market outlooks from biggest names in industry. (Pg.7)
Full piece here:

MNI Commodity Weekly - OPEC Unable to Ignore China Weakness.pdf

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