- Oil is trading lower, around $76, and is down nearly $4 over the past five days
- Prices have steadily moved lower over the past few weeks after reaching a recent peak of nearly $84 on July 3
- Chinese data shows lackluster consumption (Reuters)
- Chinese refinery runs, and imports have trended lower than in 2023, driven by weaker fuel demand due to slow economic growth
- Vanda Insight said, “Growing concerns over the strength of oil demand in the short to medium term have acquired a strong grip on market sentiment,"
- If Asian crude demand does not increase as expected, then OPEC may have trouble bringing supply back to the market
- Mexican crude output declining (Reuters)
- Output from Mexico’s older oil fields, mainly in the Gulf of Mexico, has fallen to a four-decade low
- Without significantly higher spending on exploration and production, Mexico may be forced to import crude to feed its refineries
- Mexico recently added a new 340 MBbl/d refinery to address the shortfall in transportation fuels, but delays and issues have mired the plant’s startup
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