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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (131115)	8/16/2022 3:53:02 PM
From: Goose94	Read Replies (1) of 203020

Crude Oil: Disappointing Chinese Demand Takes Toll Last week’s oil trading closed on an upbeat note – U.S. inflation data surprised to the upside and demand seemed to be picking up nicely. What a change can several days make as weak Chinese macroeconomic readings added a lot more bearish pressure, causing headaches for global policymakers. Not only were Chinese crude demand and refinery runs at their lowest in the post-pandemic period, but its July industrial activity also rose less than anticipated at 3.8%. Add to this the ongoing uncertainty surrounding a possible Iran nuclear deal and you will inevitably see why the bears have taken over this week, with Brent futures dropping as low as $92.60 per barrel. Chinese Refining Still Underwhelming. Chinese refinery runs dropped to the lowest daily rate since March 2020 at 12.53 million b/d, down almost 1 million b/d, surprising many in the oil markets who expected a strong post-lockdown recovery, though prolonged maintenance might have played a role. Oilprice.com

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