Weak Chinese Data and Libya Production Return Pressures Crude

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