Close Menu
Invest Insider News
    Facebook X (Twitter) Instagram
    Monday, July 7
    Facebook X (Twitter) Instagram Pinterest Vimeo
    Invest Insider News
    • Home
    • Bitcoin
    • Commodities
    • Finance
    • Investing
    • Property
    • Stock Market
    • Utilities
    Invest Insider News
    Home»Commodities»The Commodities Feed: Pressure remains on oil | articles
    Commodities

    The Commodities Feed: Pressure remains on oil | articles

    July 30, 20242 Mins Read


    Oil prices have come under further pressure as bearish sentiment has hit not just oil but large parts of the commodity complex, leading to a large amount of speculative selling. ICE Brent settled 1.66% lower yesterday, leaving the market below $80/bbl for the first time since early June. Weak Chinese demand remains the driver for the oil market, following a raft of fairly bearish data in recent weeks. China is important for the global oil balance, as it is expected to make up more than 50% of global oil demand growth in 2024, so slower-than-expected growth can dramatically change the balance.

    The market will also be closely watching any developments in Venezuela following elections over the weekend. The current president, Nicolas Maduro has claimed victory in the election, although there are doubts over the result with opinion polls in the lead-up to the election showing a strong victory for the opposition. The US has said potential further sanctions will depend on whether the government releases voting data. While the US eased oil sanctions against Venezuela last year, these were reimposed earlier this year after the US felt the government did not live up to its side of a deal for fairer elections.

    The US Department of Energy (DoE) agreed to buy 4.65m barrels of crude oil for its Strategic Petroleum Reserve (SPR) for delivery between October and December 2024. In an effort to refill the SPR, the DoE has said that it has bought a total of 43.25m barrels at an average price of around US$77/bbl, lower than the $95 average at which oil was sold in 2022 during the emergency releases.   

    Natural gas prices rallied further yesterday. TTF front-month futures settled 4.3% higher on forecasts for hotter weather in Asia. Spot Asian LNG prices remain at a healthy premium to European gas prices, which leaves Asia a more attractive destination for spot cargoes.  Lower flows to the EU are reflected in LNG send-out data, which has dropped to its lowest level since late 2021, according to GIE.



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous ArticleInvestors de-risking both long and short bets as Fed, tech earnings loom- Citi By Investing.com
    Next Article Poseidon Nickel gold exploration highlights greenfields potential for multiple commodities

    Related Posts

    Commodities

    Multi Commodities Exchange to launch electricity futures on July 10

    July 4, 2025
    Commodities

    CAD holds gains through upper 1.35s – Scotiabank

    July 3, 2025
    Commodities

    Indonesia Eases Import Rules for 10 Key Commodities

    July 3, 2025
    Leave A Reply Cancel Reply

    Top Posts

    How is the UK Commercial Property Market Performing?

    December 31, 2000

    How much are they in different states across the US?

    December 31, 2000

    A Guide To Becoming A Property Developer

    December 31, 2000
    Stay In Touch
    • Facebook
    • YouTube
    • TikTok
    • WhatsApp
    • Twitter
    • Instagram
    Latest Reviews
    Commodities

    Mineral Commodities dit que Mineral Sands Resources a été placé en liquidation provisoire -Le 04 mars 2025 à 03:26

    March 3, 2025
    Bitcoin

    Bitcoin perd son statut d’« or numérique » selon JPMorgan

    April 20, 2025
    Commodities

    Commodity Roundup: Copper faces big weekly drop as China’s third plenum underwhelms

    July 19, 2024
    What's Hot

    Bitcoin à 13 millions de dollars? Saylor de la stratégie révèle une prédiction épique 2045

    June 7, 2025

    Woodside Energy to delist from London Stock Exchange

    October 16, 2024

    Bitcoin Exceeds $69,000 – Return Of The Bull Market? Analysis Of October 22, 2024

    October 22, 2024
    Most Popular

    Travis County property tax rates set for upcoming tax season

    October 11, 2024

    Villefranche-de-Rouergue. Es arcanes de la finance s’invitent au café des Qrieux

    May 8, 2025

    Did Powell just pour gasoline on stock market’s fire? By Investing.com

    August 26, 2024
    Editor's Picks

    Bitcoin toujours plat même si les baleines se cachent et se rallient

    June 30, 2025

    Asian Stocks Hold Steady As Investors Eye China’s Next Move

    October 14, 2024

    Bellrock Acquires Summers-Inman to Strengthen National Property Consultancy Presence

    July 3, 2025
    Facebook X (Twitter) Instagram Pinterest Vimeo
    • Get In Touch
    • Privacy Policy
    • Terms and Conditions
    © 2025 Invest Insider News

    Type above and press Enter to search. Press Esc to cancel.