Free Trial

Weak Chinese Data and Libya Production Return Pressures Crude

OIL

Weak economic figures out of China and a resumption in production at key Libyan oil fields weighs on prices Monday.

  • China's gross domestic product grew only 0.8% April-June vs the previous quarter, according to National Bureau of Statistics, with its post-pandemic recovery faltering rapidly due to weakening demand at home and abroad.
  • Brent SEP 23 down -1.1% at 78.99$/bbl
  • WTI AUG 23 down -1.1% at 74.57$/bbl
  • Gasoil AUG 23 down -0.9% at 749.25$/mt
  • WTI-Brent up 0.04$/bbl at -4.51$/bbl
  • Two of the three Libyan oilfields that were shut on Thursday, the Sharara and El Feel with a total production capacity of 370,000 bpd, resumed on Saturday evening, oil engineers and oil ministry officials said to Bloomberg and Reuters.
  • Brent SEP 23-OCT 23 down -0.04$/bbl at 0.23$/bbl
  • Brent DEC 23-DEC 24 down -0.24$/bbl at 3.78$/bbl
  • Indian state fuel retailers' gasoil and gasoline sales during July 1-16 declined from the same period in the previous month according to preliminary data.
  • China’s apparent oil demand rose to 14.87 million barrels a day in June, 14% higher than a year earlier. Refining rates climbed to 14.89 million barrels a day, 1.6% above May’s pace.
  • Shell probably won’t be able to determine whether the halted Forcados oil terminal has suffered a leak until this week at the earliest.
  • Gasoline cracks softened last week after data suggested demand slipped heavily following the July 4 holiday boost. Diesel had been supported by German refinery issues last week.
  • US gasoline crack down -0.2$/bbl at 35.41$/bbl
  • US ULSD crack down 0$/bbl at 33.67$/bbl

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.