• 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 ?
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 days Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas
  • 3 days European Parliament Members, Cristian Terhes et al, push back against Totalitarian Digital ID and Carbon Tyranny in Europe.
  • 6 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days "How Long Will The Epic Rally In Energy Stocks Last?" by Tsvetana Paraskova at OILPRICE.COM
  • 5 days "...too many politicians believe things that aren’t true." says Robert Rapier
  • 6 days Demonising fossil fuels has caused major grid problem in Australia
  • 5 days Welcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"
  • 7 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 332 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
Investors Dump Copper As Demand Stumbles

Investors Dump Copper As Demand Stumbles

Copper prices have plummeted to…

Why Chinese Imports Of U.S. LNG Collapsed

Why Chinese Imports Of U.S. LNG Collapsed

Chinese imports of LNG from…

The Middle East Feels The Pinch As Asia’s Oil Demand Slumps

The crude oil benchmarks in the Middle East, Dubai and Oman, continued to fall on Monday as demand in Asia slumps as the coronavirus has now claimed more victims, and more quickly, than the SARS outbreak in 2003.

Oman and Dubai futures dropped for a third consecutive trading day, after falling to a nearly year-low last Thursday, due to reduced economic activity and depressed fuel demand in the world’s top oil importer, China.

Asian refiners are not showing any buying interest right now, sour crude oil traders told S&P Global Platts this week.  

Due to weak fuel demand and depressed industrial activity, Chinese refiners—from the biggest refiner in Asia, Sinopec, to the independent refiners in Shandong—are cutting refinery runs, while commodity trading houses and oil majors are scrambling to find spot buyers for crude oil outside China.

The slump in the Oman and Dubai prices are indicative of the bearish sentiment in the Middle East crude complex as market participants see the Middle Eastern oil producers feel the pinch from the hit to oil demand in what is typically the key oil demand growth driver.

The slowdown in China’s industrial activity is causing the worst shock to oil demand in over a decade, Jeff Currie, global head of commodities research at Goldman Sachs, said in an interview on Bloomberg last week.

Saudi Arabia reacted last week to the depressed demand in Asia by slashing its official selling prices (OSPs) to the region for March. Although price cuts were expected, they were deeper than analysts had forecast. Saudi Aramco slashed its OSP for Asia for the Arab Light crude by $0.80 per barrel to a premium of $2.90 over the Oman/Dubai benchmark—a deeper cut than a Bloomberg poll of traders had expected. Aramco left only Arab Heavy prices for Asia unchanged, while it raised prices for Europe and cut the prices for the U.S.   

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

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