Crude oil posts fourth straight drop with growing concerns about demand in China

seekingalpha07-24

Crude oil futures fell to six-week lows Tuesday amid a broad decline in commodities, dragged down by renewed concerns over Chinese demand given the absence of further government support for the ...

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In the Middle East, efforts to reach a ceasefire deal between Israel and Hamas in Gaza seem to have gained momentum, and Israel Prime Minister Netanyahu told families of hostages that a deal to secure their release could be near. Canada's oil production has remained mostly stable, but the risk from wildfires is growing, Goldman Sachs analysts said. Front-month Nymex crude (CL1:COM) for September delivery closed -1.8% to $76.96/bbl, and front-month September Brent (CO1:COM) ended -1.7% to $81.01/bbl, the lowest settlement value for both benchmarks since June 7. U.S. diesel futures (HO1:COM) also settled at their lowest since June 7, while gasoline futures (XB1:COM) closed at their lowest since June 14. Natural gas futures (NG1:COM) fell for the first time in four sessions, giving back half of the previous day's strong gains to finish -2.8% at $2.187/MMBtu. ETFs: (NYSEARCA:USO), (BNO), (UCO), (SCO), (USL), (DBO), (DRIP), (GUSH), (NRGU), (USOI), (UNG), (BOIL), (KOLD), (UNL), (FCG), (UGA) Crude oil markets are tight for now but likely will move into surplus next year, with Brent prices declining into the mid-to-high $70s, Morgan Stanley analysts said. Tight conditions will remain for most of Q3 but equilibrium will return by Q4, \"when seasonal demand tailwinds abate and both OPEC and non-OPEC supply return to growth,\" the bank wrote. OPEC and non-OPEC supply should grow by ~2.5M bbl/day in 2025, well ahead of demand growth, Morgan Stanley said, adding that refinery runs look set to reach a peak this August and unlikely to return to that level until July 2025.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","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":"4.29.2","shortVersion":"4.29.2","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/2453960260"}