Oil prices extend decline on Chinese demand worries

seekingalpha07-17

Crude oil futures fell Tuesday for a third straight session on continued market concern over bearish economic data out of China and its impact on energy demand, although declines were held in check by...

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Bull 2X Shares","KOLD":"两倍做空彭博天然气ETF-ProShares","BK4588":"碎股","FCG":"First Trust Natural Gas ETF","UNG":"美国天然气基金","SCO":"二倍做空彭博原油指数ETF","UCO":"二倍做多彭博原油ETF","UNL":"United States 12 Month Natural Gas Fund LP","BNO":"美国布伦特原油基金有限合伙企业","BOIL":"两倍做多彭博天然气ETF-ProShares","BK4570":"地缘局势概念股","USOI":"X-Links Crude Oil Shares Covered Call ETN","DRIP":"Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares","BK4585":"ETF&股票定投概念","BK4563":"昨日强势股","USL":"United States 12 Month Oil Fund LP","DBO":"原油ETF-PowerShares"},"translate_title":"中国需求担忧油价延续跌势","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"GUSH":1,"USOI":1,"USL":1,"UNL":1,"UNG":1,"UCO":1,"SCO":1,"NRGU":1,"KOLD":1,"FCG":1,"DRIP":1,"DBO":1,"BNO":1,"BOIL":0.8},"content_text":"Crude oil futures fell Tuesday for a third straight session on continued market concern over bearish economic data out of China and its impact on energy demand, although declines were held in check by a growing consensus that the U.S. Federal Reserve could begin cutting interest rates as soon as September. China's statistical agency said the country's economy expanded at a 4.7% annual pace in Q2, down significantly from the previous quarter's 5.3% growth, and that China processed 58.32M tons, or 14.2M bbl/day, of crude in June, which Commerzbank's Carsten Fritsch said was the lowest daily level in six months. Crude oil processing in China for H1 was 0.4% lower than in the same period a year ago, Fritsch said, according to Marketwatch, noting the last such decline came two years ago when full-year demand fell due to COVID-19 lockdowns. \"If you don't have a positive catalyst, the default is to worry about China, and that's what we're doing because the data has been bad,\" CIBC Private Wealth US senior trader Rebecca Babin said, according to Dow Jones. Weaker refining margins are an indication of softening product demand, and \"we're in a market where every signal that's not positive is a concern about demand, and the data will have to prove that it's not a demand problem,\" Babin said. Front-month Nymex crude (CL1:COM) for August closed -1.4% to $80.76/bbl, and front-month September Brent (CO1:COM) ended -1.3% to $83.73/bbl, the lowest settlement values since June 21 and June 14, respectively. Also, front-month August Nymex Natural Gas (NG1:COM) finished +1.4% to $2.188/MMBtu, following Monday's drop to a more than two-month low. ETFs: (NYSEARCA:USO), (BNO), (UCO), (SCO), (USL), (DBO), (DRIP), (GUSH), (NRGU), (USOI), (UNG), (BOIL), (KOLD), (UNL), (FCG) Freeport LNG said Tuesday it is working toward a \"phased restart\" of its liquefaction operations after the plant on the Texas Gulf coast sustained damage during Hurricane Beryl last week. Freeport LNG's production levels will be \"at reduced rates for a period of time\" while repairs continue, the operator said. Also, the U.S. Court of Appeals for the District of Columbia ordered the Federal Energy Regulatory Commission to reassess the impact of greenhouse gas and other emissions from Commonwealth LNG's liquefied natural gas project in Louisiana, Reuters reported. The court did not vacate FERC's previous approval of the project as it ordered another look at the emissions impact. Commonwealth LNG has not yet made a final investment decision on the project; if developed, it is expected to begin shipping 9.5M tons/year of LNG in 2027.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"economic","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2452924118"}