• 4 minutes The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 5 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 11 hours Sand Powered Batteries for Heating Industries and Homes
  • 5 days Once seen as fleeting, a new solar tech proves its lasting power
  • 3 hours "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 2 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 hours "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 2 days Bloomberg - "Hedge Funds Hit by ‘Onerous’ ESG Rule Turn to Lawyers for Help"
Editorial Dept

Editorial Dept

More Info

Trade War Impasse Keeps Oil Prices From Rising

The first week of September continued on the course set by August, most of the market motion can be boiled down to the US-China trade conflict jeopardizing growth prospects across the world and US stocks decreasing providing a counteracting short-term relief for crude prices. Trade negotiations with China did not progress much in the past seven days, except for President Trump warning his Chinese counterparts that getting a deal after his (possible) 2020 re-election might be much more difficult than now. Analysts expect a 3 MMbbl drawdown in US crude inventories for the week ended August 30 – thus, despite a drop in prices on Friday-Monday, crude prices on Wednesday roughly the same as they were a week ago.

Global benchmark Dated Brent traded around $60 per barrel on Wednesday afternoon, whilst US benchmark WTI was assessed at $55.3-55.5 per barrel.

1. China Crude Imports Drop in August

- Chinese crude imports in August 2019 were palpably hit by the ramifications of Typhoon Lekima which constrained Shandong refinery operations mid-month.

- September imports will most probably bounce back from August’s 5-month low (7mbpd worth of crude already booked) as the 400kbpd Rongsheng Zhejiang refinery eats up bonded storage reserves.

- The Zhoushan-based private refiner has started up in July this year, yet has sourced its feed primarily from nearby storage so far.

- For the fourth month in a row, aggregate Asian crude imports…




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News