• 3 minutes Shale Oil Fiasco
  • 7 minutes "Leaked" request by some Democrats that they were asking Nancy to coordinate censure instead of impeachment.
  • 12 minutes Trump's China Strategy: Death By a Thousand Paper Cuts
  • 16 minutes Global Debt Worries. How Will This End?
  • 8 hours DUMB IT DOWN-IMPEACHMENT
  • 11 hours Greta named Time Magazine "Person of the Year"
  • 1 hour POTUS Trump signs the HK Bill
  • 6 hours Everything you think you know about economics is WRONG!
  • 4 mins americavchina.com
  • 30 mins Tories on course to win majority
  • 16 hours Forget The Hype, Aramco Shares May be Valued At Zero Next Year
  • 39 mins Winter Storms Hitting Continental US
  • 3 hours WTO is effectively neutered. Trump *already* won the trade war against China and WTO is helpless to intervene
  • 1 day Can Renewable Natural Gas Compete With Diesel?
  • 16 hours Aramco Raises $25.6B in World's Biggest IPO

Oil Prices Threaten To Set A New 2019 Low

rig

Oil prices have dropped to their lowest level in 7 months this week and are threatening to break their annual low if the market fails to find something to cling onto. Compared to the relative lull of past weeks, the most recent week-on-week change was drastic – with Brent losing more than 10 percent of its value. The nosedive started when President Trump tweeted his intention to slap a further 10 percent tariff on Chinese imports from September 01 and further deteriorated when market participants started worrying about crude demand faltering in H2 2019.

Rumors that China will not seek to include crude in its retaliatory tariffs have soothed the nervous atmosphere somewhat, yet it will take days if not weeks for the market to see whether or not the global supply-demand balance is better than its participants perceive. As of Wednesday afternoon, global benchmark Dated Brent was assessed around $57 per barrel, whilst the American WTI traded within the $51.5-51.8 per barrel interval.

1. China Crude Imports Bounce Back in July

- China’s crude imports have bounced back in July to 10.08mbpd from a rather lacklustre May-June 2019 which saw refinery maintenance season ?urb domestic demand.

- Ever since the Hengli Refinery went full capacity in May, Saudi Arabia - with whom the Chinese refiner has a long-term supply contract - saw its exports to China surge to an all-time high of 1.8mbpd.

- As a result, Saudi exports to China…




Oilprice - The No. 1 Source for Oil & Energy News