Oil slides as China lockdowns outweigh proposed EU Russia oil ban | Reuters
Oil prices fell by more than 2% on Tuesday as demand worries stemming from China's prolonged COVID-19 lockdowns outweighed the prospect of a European embargo on Russian crude.
Beijing is mass-testing residents to avert a lockdown similar to Shanghai's over the past month. The capital's restaurants were closed for dining in, while some apartment blocks were sealed shut. read more
Brent crude settled down $2.61, or 2.4%, at $104.97 a barrel. U.S. West Texas Intermediate (WTI) crude ended $2.76, or 2.6%, lower at $102.41.
"There are real concerns about whether Chinese demand, which is a huge factor in global demand, will remain strong in 2022," said Gary Cunningham, director at Tradition Energy.
Tuesday, 3 May 2022
Oil falls 2% as China lockdowns outweigh proposed EU Russia oil ban | Reuters
Oil falls 2% as China lockdowns outweigh proposed EU Russia oil ban | Reuters
Oil slipped 2% on Tuesday as demand worries due to China's prolonged COVID-19 lockdowns outweighed support from a possible European oil embargo on Russia.
Beijing, reporting dozens of new cases daily, is mass-testing residents to avert a lockdown similar to Shanghai's over the past month. The capital's restaurants were closed for dining in, and some apartment blocks were sealed shut. read more
Brent crude was down $2.04 or 1.9%, at $105.54 a barrel at 1:18 p.m. EDT (1718 GMT). U.S. West Texas Intermediate (WTI) crude fell $2.06, or 2%, to $103.11 a barrel.
"There are real concerns about whether Chinese demand, which is a huge factor in global demand, will remain strong in 2022," said Gary Cunningham, director at Tradition Energy.
Oil slipped 2% on Tuesday as demand worries due to China's prolonged COVID-19 lockdowns outweighed support from a possible European oil embargo on Russia.
Beijing, reporting dozens of new cases daily, is mass-testing residents to avert a lockdown similar to Shanghai's over the past month. The capital's restaurants were closed for dining in, and some apartment blocks were sealed shut. read more
Brent crude was down $2.04 or 1.9%, at $105.54 a barrel at 1:18 p.m. EDT (1718 GMT). U.S. West Texas Intermediate (WTI) crude fell $2.06, or 2%, to $103.11 a barrel.
"There are real concerns about whether Chinese demand, which is a huge factor in global demand, will remain strong in 2022," said Gary Cunningham, director at Tradition Energy.
Oil slips on China demand worries, while EU weighs Russia oil ban | Reuters
Oil slips on China demand worries, while EU weighs Russia oil ban | Reuters
Oil slipped almost 1% on Tuesday as concerns about the demand outlook due to prolonged COVID lockdowns in China outweighed support from a possible European oil embargo on Russia over its actions in Ukraine.
Beijing, reporting dozens of new cases daily, is mass-testing residents to avert a lockdown similar to Shanghai's over the past month. The capital's restaurants were closed for dining in, and some apartment blocks were sealed shut. read more
Brent crude was down 77 cents or 0.7%, at $106.81 a barrel at 1202 GMT. U.S. West Texas Intermediate (WTI) crude dropped $1.09, or 1%, to $104.08.
"The positive driver has been the EU embargo and whether that will be announced," said Commonwealth Bank commodities analyst Vivek Dhar.
Oil slipped almost 1% on Tuesday as concerns about the demand outlook due to prolonged COVID lockdowns in China outweighed support from a possible European oil embargo on Russia over its actions in Ukraine.
Beijing, reporting dozens of new cases daily, is mass-testing residents to avert a lockdown similar to Shanghai's over the past month. The capital's restaurants were closed for dining in, and some apartment blocks were sealed shut. read more
Brent crude was down 77 cents or 0.7%, at $106.81 a barrel at 1202 GMT. U.S. West Texas Intermediate (WTI) crude dropped $1.09, or 1%, to $104.08.
"The positive driver has been the EU embargo and whether that will be announced," said Commonwealth Bank commodities analyst Vivek Dhar.
#Qatar Reclaims Crown From U.S. as World’s Top LNG Exporter - Bloomberg
Qatar Reclaims Crown From U.S. as World’s Top LNG Exporter - Bloomberg
Qatar reclaimed the crown as the world’s top liquefied natural gas exporter from the U.S. just as the end of winter lowered demand for the heating fuel in the northern hemisphere.
April exports of the superchilled fuel from Qatar surpassed 7.5 million metric tons, edging out the U.S., according to ship tracking data compiled by Bloomberg. Maintenance at Qatargas reduced the Middle Eastern nation’s exports a month earlier.
During the winter months, low temperatures, combined with Europe’s desire to cut dependence on Russian energy, drove up the demand for natural gas and prices of the fuel.
Once winter ended, some U.S. export terminals have used the period of softer demand and lower prices to undergo maintenance, which has lowered the U.S. production.
A shale gas revolution, coupled with billions of dollars of investments in liquefaction facilities, transformed the U.S. from a net LNG importer to a top exporter in less than a decade.
Looking ahead, the U.S. and Qatar are expected to engage in a two-horse race for dominance in the global LNG market. Once the Calcasieu Pass export terminal in Louisiana is complete later this year, the U.S. is expected to reach a peak LNG production capacity of 13.9 billion cubic feet of natural gas per day. Meanwhile, Qatar is planning a gargantuan export project that will come online in the late 2020s, which could cement the Middle Eastern nation as the top supplier of the fuel.
Qatar reclaimed the crown as the world’s top liquefied natural gas exporter from the U.S. just as the end of winter lowered demand for the heating fuel in the northern hemisphere.
April exports of the superchilled fuel from Qatar surpassed 7.5 million metric tons, edging out the U.S., according to ship tracking data compiled by Bloomberg. Maintenance at Qatargas reduced the Middle Eastern nation’s exports a month earlier.
During the winter months, low temperatures, combined with Europe’s desire to cut dependence on Russian energy, drove up the demand for natural gas and prices of the fuel.
Once winter ended, some U.S. export terminals have used the period of softer demand and lower prices to undergo maintenance, which has lowered the U.S. production.
A shale gas revolution, coupled with billions of dollars of investments in liquefaction facilities, transformed the U.S. from a net LNG importer to a top exporter in less than a decade.
Looking ahead, the U.S. and Qatar are expected to engage in a two-horse race for dominance in the global LNG market. Once the Calcasieu Pass export terminal in Louisiana is complete later this year, the U.S. is expected to reach a peak LNG production capacity of 13.9 billion cubic feet of natural gas per day. Meanwhile, Qatar is planning a gargantuan export project that will come online in the late 2020s, which could cement the Middle Eastern nation as the top supplier of the fuel.
Oil slips on China demand worries while EU weighs Russia oil ban | Reuters
Oil slips on China demand worries while EU weighs Russia oil ban | Reuters
Oil prices slipped on Tuesday in a second day of thin trading in Asia, pulled in opposite directions by China's COVID-19 lockdowns, which could weigh on fuel demand, and prospects for a supply hit from a possible European oil embargo on Russia.
Brent crude futures fell 23 cents, or 0.2%, to $107.35 a barrel at 0532 GMT, wiping out gains earlier in the day in trading thinned by holidays in China, Japan and parts of Southeast Asia.
U.S. West Texas Intermediate (WTI) crude futures similarly dropped 24 cents, or 0.2%, to $104.94 a barrel, after hitting an intraday high of $105.80.
Both benchmark contracts rose more than 40 cents on Monday and extended those gains modestly in early trade on Tuesday.
"The positive driver has been the EU embargo and whether that will be announced," said Commonwealth Bank commodities analyst Vivek Dhar.
Oil prices slipped on Tuesday in a second day of thin trading in Asia, pulled in opposite directions by China's COVID-19 lockdowns, which could weigh on fuel demand, and prospects for a supply hit from a possible European oil embargo on Russia.
Brent crude futures fell 23 cents, or 0.2%, to $107.35 a barrel at 0532 GMT, wiping out gains earlier in the day in trading thinned by holidays in China, Japan and parts of Southeast Asia.
U.S. West Texas Intermediate (WTI) crude futures similarly dropped 24 cents, or 0.2%, to $104.94 a barrel, after hitting an intraday high of $105.80.
Both benchmark contracts rose more than 40 cents on Monday and extended those gains modestly in early trade on Tuesday.
"The positive driver has been the EU embargo and whether that will be announced," said Commonwealth Bank commodities analyst Vivek Dhar.
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