Oil climbs as traders weigh China demand outlook, Russian supply
Oil climbs as traders weigh China demand outlook, Russian supply
Oil rose on expectations of rising demand in the wake of China’s reopening, while the US dollar eased and risks to Russian energy supplies came into sharper focus with fresh curbs looming.
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West Texas Intermediate climbed toward $82 a barrel following a back-to-back weekly gain that drove the US benchmark to the highest close since mid-November.
While a weaker US currency supported prices Monday, trading volumes in Asian hours were held back, with national holidays to mark the Lunar New Year affecting key markets including China and Singapore.
Oil has shaken off a weak start to 2023 as China’s outlook has brightened. Expectations that the Federal Reserve is close to ending its series of aggressive rate hikes have also buoyed prices.
Further restrictions on Russian energy flows are due to kick in early next month as the war in Ukraine grinds on. US Treasury Secretary Janet Yellen expressed confidence at the weekend that curbs on Russian crude sales can be expanded to refined products, while acknowledging that the task will be more complicated.
Meanwhile, Moscow is set to publish a decree detailing a ban on Russian firms selling oil to clients adhering
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Even w/China reopening hopes, which really should boost demand for tight supply of crude, WTI can't shake contango. Either not all that enthusiastic about China (last year's reopening never amounted to anything) or market is pricing #globalrecession being more than an offset.
Anticipating growing demand & to prepare for a tight supply scenario, @Canadian_Solar will expand total production capacity to 20 GW ingot, 35 GW wafer & 50 GW for solar cell & module capacity each by 2023-end, also adding battery manufacturing in #China https://taiyangnews.info/business/canadian-solar-updates-production-capacity-expansion-plans/
China reopening impact will set in over Feb-March and will be seen the most in:
1. Unblocked supply chains and strong trade in goods
2. Returning outbound Chinese tourism boost to global services and consumption
3. Commodity demand led price increases across energy,metals,agri.
– China’s “zero-Covid” strategy is limiting output and suppressing consumer demand
– The slowdown is also weighing on demand in countries that export to China
– There is the opportunity for emerging markets to fill gaps in global supply chains
We cannot defend ourselves from China because of the supply and demand for weapons tech🤣🤣 .....omg....sigh......everything is crazy. I said 31.5 trillion times to stop sending money to Ukraine. Migrants snubbing shelters for hotels. Wow just wow. Oh @FoxNews good job w/ AI.
So, all happening at the same time, and @POTUS Biden has done nothing to increase supply. We're now not getting a MMBPD that he was stealing from our SOR, OPEC cuts taking effect, China reopening increasing demand. What's the plan Joe?
Volatility will continue to rule the cotton market in 2023 with China remaining the dominant force when it comes to demand.
Read more from @farmpress at the link below.
https://www.farmprogress.com/cotton/choppy-conditions-along-cotton-supply-chain
The swift recovery in China’s urban commuter traffic and supply-chain logistics after Beijing abandoned pandemic restrictions two months ago has raised hopes of a strong #economic rebound, but the real impact is unlikely to be seen for some time yet
https://pemedianetwork.com/petroleum-economist/articles/geopolitics/2023/letter-from-china-rebounding-demand-meets-economic-headwinds/
Oil Prices Have Stabilized After A Dip Due To US Recession Fears. Central Banks And OPEC+ Will Meet To Discuss Interest Rate Hikes And Production Targets.
#banks #oil #china #opec #wti #market #lockdown #potential #supply #holiday #centralbank #us #demand #imbalance #forexop
In a world of increasing geopolitical risk in the Middle East, sanctions on Russian production, China reopening & an economic and political environment where oil companies are reluctant to invest in new production, markets need to worry less about demand & more about supply....
"On Saturday, China’s cabinet said it would promote a consumption recovery as the major driver of the economy and boost imports, state broadcaster CCTV reported." @cnbc
https://www.cnbc.com/2023/01/30/oil-climbs-after-drone-attack-in-iran-china-to-promote-consumption.html?__source=iosappshare%7Ccom.apple.UIKit.activity.PostToTwitter
Oil prices kept to a tight range on Monday amid uncertainty over a drone attack on an Iranian facility and a Russia-led supply glut although optimism over a demand recovery in China helped drive some gains
#allmcx #bulliontips #energytips
TO GET ONE DAY TRIAL [email protected] 9557588200
Huge demand & supply of China certainly could drive the change in many kinds of consumption.
A robust rebound in Chinese travel over the Lunar New Year holiday boosts optimism in the outlook for oil demand https://trib.al/tiDiodb
China's smartphone shipments dropped 14% in 2022, 1st time below 300M units in 10 yrs. Apple had 18% market share due to promotions & resilient demand. Apple is looking to relocate some of its supply chains out of China to India, Vietnam. #itnews
GIQ📊: Should OPEC+ agree to raise oil supply at meeting this week to keep market supply-demand in balance with China Re-opening?
RT & let us know by voting👇
#OOTT #energymarkets #Analytics #China #OPEC
#SunSirs: #Supply and #Demand are #Weak after #theSpringFestival, #China #PC #Market is General
http://www.sunsirs.com/commodity-news/petail-10737.html?bsh_bid=5920572448
#CrudeOil was downside after testing high of $ 82.45 as #WTI fall below $80 per barrel on Monday as traders weighed hopes for a demand recovery in #China and growing tensions in the #MiddleEast against fears of #Global #Economic #slowdown and the resilience of #Russian supply
#Crude #oil #prices fluctuated near $80 per barrel on Monday as traders weighed hopes for a demand recovery in China and growing tensions in the Middle East against fears of a global economic slowdown and the resilience of Russian supply.
#News #Btrams
https://btrams.com/crude-oil-prices-fluctuated-near-80/
Oil prices kept to a tight range on Monday amid uncertainty over a drone attack on an Iranian facility and a Russia-led supply glut, although optimism over a demand recovery in China helped drive some gains.
#energy
#crudeoil
Can we just agree that more comments on China's reopening & Russian supply are not news much less commentary?
"We have Russia on the supply side and China on the demand side."
--Stefano Grasso, 8VantEdge
https://www.reuters.com/markets/commodities/oil-climbs-after-drone-attack-iran-chinas-pledge-promote-consumption-2023-01-30/
#energy #OOTT #fintwit #OPEC #Commodities
Citi analyst Shreyas Madabushi pointed to a “raft of bullish developments, including an accelerated reopening, anticipated restocking by Chinese steel mills amid low inventories, and demand and supply-side support measures for China’s property sector”.
WTI crude futures reversed earlier gains and fell more than 1% to below $80 per barrel on Friday, as prospects of still strong Russian supply offset better-than-expected Q4 US GDP numbers and hopes of continued demand recovery in top crude importer China.
#RareEarths The United States produces very few rare earths, just 43,000 tons, and demand far outstrips supply, so it must import them from overseas. Importing rare earths from China is the best choice for the United States.
#RareEarths The United States produces very few rare earths, just 43,000 tons, and demand far outstrips supply, so it must import them from overseas. Importing rare earths from China is the best choice for the United States.
#RareEarths The United States produces very few rare earths, just 43,000 tons, and demand far outstrips supply, so it must import them from overseas. Importing rare earths from China is the best choice for the United States.
#RareEarths The United States produces very few rare earths, just 43,000 tons, and demand far outstrips supply, so it must import them from overseas. Importing rare earths from China is the best choice for the United States.
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