Crude oil extends losses on China demand concerns, Gaza ceasefire hopes

seekingalpha07-27

Crude oil futures settled lower on Friday to extend losses for the week, with weighed by worries about demand from signs of a weakening Chinese economy and expectations of a Gaza ceasefire deal that ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2454026307?lang=en_US&edition=fundamental","thumbnail":"https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1213764535/image_1213764535.jpg","is_english":true,"pubTime":"2024-07-27 07:20","share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","id":"2454026307","market":"sh","top_or_hot":-1,"title":"Crude oil extends losses on China demand concerns, Gaza ceasefire hopes","media":"seekingalpha","content":"<div>\n<p>Crude oil futures settled lower on Friday to extend losses for the week, with weighed by worries about demand from signs of a weakening Chinese economy and expectations of a Gaza ceasefire deal that ...</p>\n\n<a href=\"https://seekingalpha.com/news/4129213-crude-oil-extends-losses-on-china-demand-concerns-gaza-ceasefire-hopes\">Source Link</a>\n\n</div>\n","source":"seekingalpha","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Crude oil extends losses on China demand concerns, Gaza ceasefire hopes</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCrude oil extends losses on China demand concerns, Gaza ceasefire hopes\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-07-27 07:20 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/4129213-crude-oil-extends-losses-on-china-demand-concerns-gaza-ceasefire-hopes><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Crude oil futures settled lower on Friday to extend losses for the week, with weighed by worries about demand from signs of a weakening Chinese economy and expectations of a Gaza ceasefire deal that ...</p>\n\n<a href=\"https://seekingalpha.com/news/4129213-crude-oil-extends-losses-on-china-demand-concerns-gaza-ceasefire-hopes\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"USL","symbol_name":"United States 12 Month Oil Fund LP","start_time":0,"source_url":"https://seekingalpha.com/news/4129213-crude-oil-extends-losses-on-china-demand-concerns-gaza-ceasefire-hopes","article_id":"2454026307","we_media_id":null,"thumbnails":["https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1213764535/image_1213764535.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2454026307","pubTimestamp":1722036021,"columns":[],"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"Crude oil futures settled lower on Friday to extend losses for the week, with weighed by worries about demand from signs of a weakening Chinese economy and expectations of a Gaza ceasefire deal that w","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"USL":"United States 12 Month Oil Fund LP","LU0345780950.USD":"NINETY ONE GSF GLOBAL NATURAL RESOURCES \"A\" (USD) ACC","OII":"国际海洋工程","NFE":"New Fortress Energy LLC","LU0345781412.USD":"NINETY ONE GSF GLOBAL NATURAL RESOURCES \"A\" (USD) INC","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","KOLD":"两倍做空彭博天然气ETF-ProShares","BK4120":"环境与设施服务","BK4588":"碎股","NNE":"NANO Nuclear Energy Inc","RES":"RPC Inc","BNO":"美国布伦特原油基金有限合伙企业","ATLX":"Atlas Lithium Corporation","DBO":"原油ETF-PowerShares","BK4179":"石油天然气设备与服务","GUSH":"Direxion Daily S&P Oil &Gas Exp. & Prod. Bull 2X Shares","SFL":"SFL Corp","LU0368265418.SGD":"Blackrock World Energy Fund A2 SGD-H","LU0266512127.USD":"摩根大通环球自然资源 A(acc)","WFRD":"Weatherford International PLC","NRGU":"MicroSectors U.S. Big Oil Index 3x Leveraged ETN","USOI":"X-Links Crude Oil Shares Covered Call ETN","LU0300736492.USD":"FRANKLIN NATURAL RESOURCES \"A\" (USD) INC","LU0456854461.SGD":"JPMorgan Funds - Global Natural Resources A (acc) SGD","BK4138":"石油与天然气的炼制和营销","VLO":"瓦莱罗能源","BOIL":"两倍做多彭博天然气ETF-ProShares","BK4563":"昨日强势股","BK4182":"重型电气设备","BK4092":"石油与天然气钻井","LU0122376428.USD":"贝莱德世界能源基金A2","SG9999001440.SGD":"United Global Dividend Equity Fund A SGD Dist","DRIP":"Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares","UCO":"二倍做多彭博原油ETF","UNG":"美国天然气基金","LU0630314457.HKD":"NINETY ONE GSF GLOBAL NATURAL RESOURCES \"A\" (HKD) ACC","SCO":"二倍做空彭博原油指数ETF","BK4570":"地缘局势概念股","BK4144":"石油与天然气的储存和运输","UNL":"United States 12 Month Natural Gas Fund LP","XLE":"SPDR能源指数ETF","TUSK":"Mammoth Energy Services Inc.","PESI":"佩尔马福克斯环境服务","BK4585":"ETF&股票定投概念","FCG":"First Trust Natural Gas ETF","BK4188":"贵重金属与矿石","NBR":"纳伯斯"},"translate_title":"原油因中国需求担忧和加沙停火希望扩大跌幅","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"DBO":1,"NBR":1,"NFE":1,"NNE":1,"NRGU":1,"ATLX":1,"OII":1,"PESI":1,"RES":1,"KOLD":1,"SCO":1,"GUSH":1,"FCG":1,"DRIP":1,"BNO":1,"SFL":1,"TUSK":1,"UCO":1,"UNG":1,"UNL":1,"USL":1,"USOI":1,"VLO":1,"WFRD":1,"XLE":1,"BOIL":0.8},"content_text":"Crude oil futures settled lower on Friday to extend losses for the week, with weighed by worries about demand from signs of a weakening Chinese economy and expectations of a Gaza ceasefire deal that would ease global supply concerns. Data released last week showing China's total fuel oil imports fell 11% in H1 has heightened concerns about the wider demand outlook in the world's largest crude oil importer. \"The Chinese demand situation is going down the tubes here and crude oil prices are going down with it,\" Mizuho's Bob Yawger said according to Reuters, adding he believes the China economy is threatening to enter a deflationary cycle, where prices will fall because of falling demand, \"and that is about the worst possible scenario for a country that is the largest importer of crude oil on the planet.\" Meanwhile, demand from the U.S. is expected to ease as domestic refiners are preparing to cut back production as the end of the summer driving season in early September nears; Valero Energy (VLO) said this week its 14 refineries would run at 92% of combined capacity in Q3, compared to 94% in Q2. Without strong Chinese demand, and with \"no expectations of stronger demand elsewhere, the balance looks likely to worsen in coming months,\" Michael Lynch, president at Strategic Energy & Economic Research, told MarketWatch, adding that \"market psychology is definitely bearish.\" Hopes that Israel and Hamas will soon strike a deal for a ceasefire in Gaza gathered momentum again this week, weighing on crude prices. The market also is looking to OPEC's August 1 monitoring committee meeting, although no changes are expected in the start of group's planned unwinding of some voluntary production cuts after September, subject to market conditions. Crude oil lost ground for the third consecutive week, with front-month Mymex crude (CL1:COM) for September delivery closing the week -1.8% to $77.16/bbl, including Friday's 1.4% decline, and front-month September Brent crude (CO1:COM) settling -1.8% on the week to $81.13/bbl, including a 1.5% drop on Friday. Also, front-month Nymex August natural gas (NG1:COM) finished the week -5.7% to $2.006/MMBtu, including a 1.7% drop on Friday. ETFs: (NYSEARCA:USO), (BNO), (UCO), (SCO), (USL), (DBO), (DRIP), (GUSH), (NRGU), (USOI), (UNG), (BOIL), (KOLD), (UNL), (FCG) A Donald Trump presidency could be net bearish for oil prices due to a combination of factors including tariffs and oil-friendly policies, and pushing OPEC+ to release more oil into the market, Citi said this week in a research report. While Trump has a friendlier agenda for domestic oil and gas than a Kamala Harris administration, Citi said it would take 12-18 months for policy changes such as easing regulatory constraints to have a noticeable effect on domestic supply growth. \"Trump could roll back environmental policies, though broadly overturning the [Inflation Reduction Act] looks unlikely due to its positive impacts in red states,\" Citi wrote, referring to states that are Republican leaning. Energy (XLE), as represented by the Energy Select Sector SPDR Fund ETF, fell less than 0.1% this week. Top 5 gainers in energy and natural resources in the past 5 days: Perma-Fix Environmental Services (PESI) +28%, Nabors Industries (NBR) +23.9%, RPC Inc. (RES) +17.5%, Mammoth Energy Services (TUSK) +15.3%, Oceaneering International (OII) +14.9%. Top 5 decliners in energy and natural resources in the past 5 days: New Fortress Energy (NFE) -21.2%, Nano Nuclear Energy (NNE) -16.7%, Atlas Lithium (ATLX) -11.6%, Ship Finance International (SFL) -11.2%, Weatherford International (WFRD) -10.2%. Source: Barchart.com","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":"","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/2454026307"}