Connect with us

Trending News

NYMEX crude up in early Asia as investors look to API survey on stocks



© Reuters. NYMEX crude rebounds in early Asia – Crude oil prices staged a rebound in early Asia on Tuesday ahead of industry data on U.S. stockpiles.

Later Tuesday, the American Petroleum Institute will report on stocks of crude and refined products by the end of last week with more-closely watched data on the same figures due Wednesday from the U.S. Department of Energy.

On the New York Mercantile Exchange, WTI crude for September delivery rose 0.31% to $45.44 a barrel, rebounding from a sharp fall on Monday.

Overnight, WTI crude futures plunged to a six-month low on Monday, amid weak economic data in the U.S. and China, as well as indications of softening automobile demand.

WTI crude future are now approaching their 2015-yearly low of around $43 a barrel. U.S. shale producers can ill-afford to drill at lower prices calling into question whether production cuts will be necessary. Last week, production remained nearly 9.5 million barrels per day – near the highest amounts in more than 40 years. Overseas, the losses in crude futures were just as dramatic.

On the Intercontinental Exchange (ICE), for September delivery dipped below $50 a barrel touching down to its lowest level since late-January. Brent crude futures traded in a broad range between $49.49 and $52.01 a barrel before also closing near the session lows at $49.53, down 2.68 or 5.13%. Meanwhile, the spread between the international and U.S. benchmarks of crude stood at $4.30, below Friday's level of $5.11 at the close of trading.

On Monday morning, the U.S. Department of Commerce's Bureau of Economic Analysis said consumer spending increased by 0.2% in June in line with analysts expectations, while personal income rose by 0.4% — slightly higher than consensus estimates. Analysts forecast a 0.3% rise in incomes for the month. In overnight trading in Asia, China reported that its Caixin Manufacturing PMI for July fell sharply to 47.8, down from 49.4 a month earlier. Manufacturing activity in China unexpectedly stalled last month, amid weakening demand both domestically and abroad.

Energy traders also digested the latest build by OPEC last week in a global market already saturated by oversupply. For the month of July, OPEC supply surged to 32.01 million barrels per day, according to a Reuters survey, rising slightly from an upwardly revised total of 31.87 million bpd in June. Since roiling global energy markets in November with a strategic decision to boost its market share by leaving its production ceiling above 30 million bpd, OPEC supply has increased by more than 1.6 million bpd.

In June, Saudi Arabia produced more than 10.6 million barrels a day, amounting to its highest level on record. The survey is based on shipping data and other energy statistics compiled by industry sources.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Continue Reading

Copyright © 2023 The Capitalist. his copyrighted material may not be republished without express permission. The information presented here is for general educational purposes only. MATERIAL CONNECTION DISCLOSURE: You should assume that this website has an affiliate relationship and/or another material connection to the persons or businesses mentioned in or linked to from this page and may receive commissions from purchases you make on subsequent web sites. You should not rely solely on information contained in this email to evaluate the product or service being endorsed. Always exercise due diligence before purchasing any product or service. This website contains advertisements.


Is THE newsletter for…


Stay up-to-date with the latest kick-ass interviews, podcasts, and more as we cover a wide range of topics, in the world of finance and technology. Don't miss out on our exclusive content featuring expert opinions and market insights delivered to your inbox 100% FREE!