Close Menu
Invest Insider News
    Facebook X (Twitter) Instagram
    Tuesday, July 8
    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

    DPM Dar reviews domestic situation of essential commodities, food items

    July 7, 2025
    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
    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
    Property

    Senator Whitehouse’s Climate Crisis/Property Insurance/RE Collapse Scenario

    March 23, 2025
    Property

    Dog chews lithium-ion battery, sparking Oklahoma house fire

    August 7, 2024
    Property

    One of UK’s ‘poshest suburbs’ where you can buy a property for £160k | UK | News

    May 31, 2025
    What's Hot

    Trump tariffs latest: Asian markets plunge after US tariffs as Trump calls them ‘medicine’

    April 6, 2025

    How stock market selloff could affect your 401(k), retirement plans

    August 7, 2024

    Crypto stocks jump in the U.S. after Donald Trump’s pro-Bitcoin speech

    July 30, 2024
    Most Popular

    On finance des pêches qui rendent malades

    May 29, 2025

    Ma minute finance : comment éviter les pertes financières pendant un congé maternité ou parental ?

    May 25, 2025

    Those who invested in Property Franchise Group (LON:TPFG) five years ago are up 221%

    July 12, 2024
    Editor's Picks

    UK court refuses to say financier acted in ‘good faith’ in Vatican deal but says he wasn’t dishonest

    February 21, 2025

    ‘UK’s most expensive seaside town’ abandoned by tourists after new £10 charge

    May 22, 2025

    Brandon Johnson poised to suggest property tax hike after campaigning against it: reports

    October 29, 2024
    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.