Oil Claws Back Losses After Selloff Despite Delta Demand Fears

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Oil Claws Back Losses After Selloff Despite Delta Demand Fears

Bloomberg2021-08-10

(Bloomberg) -- Oil advanced from a three-week low as investors bet that the global demand recovery will remain intact despite the fast-spreading delta virus variant leading to tighter restrictions in ...

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RajaV
·2021-08-10
Nice
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- ChooiLing:
  nice
  2021-08-11
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THB
·2021-08-10
[What]
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- THB:
  一
  2021-08-10
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The analytics firm tracks operations, maintenance plans and processing margins across the country.</p>\n<p>“China’s Covid Zero strategy means restrictions could continue to widen and tighten, denting oil consumption,” said Vandana Hari, the founder of consultant Vanda Insights. “Delta outbreaks are certainly cause for a revaluation of the earlier anticipated trajectory of the global demand recovery.”</p>\n<p>The oil market structure has also weakened as Covid-19 cases climb. The prompt timespread for Brent was 47 cents a barrel in backwardation -- where near-dated contracts are more expensive than later-dated ones. That compares with 92 cents at the end of July.</p>\n<p>The number of seats being offered by China’s airlines dropped the most since early in the pandemic as the nation implemented fresh restrictions to contain the latest wave, based on data from aviation specialist OAG. 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Delta has led to rising infections and curbs on movement, most notably in China where crude refining is set to be scaled back and air travel has slumped. However, expectations are that global demand will accelerate and tighten the market through the end of the year.\nDelta has raised concerns about the short-term demand outlook and interrupted a rally in oil that saw prices advance more than 50% over the first half of the year. The resurgence is crimping fuel consumption just as the OPEC+ alliance returns more supply to the market that it halted during the pandemic.\nChina Petroleum & Chemical Corp., the nation’s biggest refiner that’s commonly known as Sinopec, is cutting run rates at some plants by 5% to 10% compared with previously planned levels this month, according to Jean Zou, an analyst at commodities researcher ICIS-China. The analytics firm tracks operations, maintenance plans and processing margins across the country.\n“China’s Covid Zero strategy means restrictions could continue to widen and tighten, denting oil consumption,” said Vandana Hari, the founder of consultant Vanda Insights. “Delta outbreaks are certainly cause for a revaluation of the earlier anticipated trajectory of the global demand recovery.”\nThe oil market structure has also weakened as Covid-19 cases climb. The prompt timespread for Brent was 47 cents a barrel in backwardation -- where near-dated contracts are more expensive than later-dated ones. That compares with 92 cents at the end of July.\nThe number of seats being offered by China’s airlines dropped the most since early in the pandemic as the nation implemented fresh restrictions to contain the latest wave, based on data from aviation specialist OAG. Meanwhile in the U.S., virus cases surged to the highest weekly level since early February.\nThe International Energy Agency and the Organization of Petroleum Exporting Countries are scheduled to release monthly reports on Thursday, which should give an indication of how seriously they see the threat to demand from delta.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5487893,"gmtCreate":1628638347339,"gmtModify":1663232196340,"authorId":4089847537717220,"author":{"id":4089847537717220,"idStr":"4089847537717220","authorId":4089847537717220,"name":"ChooiLing","avatar":"https://static.tigerbbs.com/10bd4692906fdb9ba52a38f5f59e0248","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":896750522,"type":1,"supId":0,"prevId":0,"content":"<u>nice</u>","text":"<u>nice</u>","html":"<u>nice</u>"}],"langContent":"EN"},{"id":896664498,"gmtCreate":1628579319114,"gmtModify":1703508450654,"author":{"id":"3582189889665842","authorId":"3582189889665842","name":"THB","avatar":"https://static.tigerbbs.com/714f3e61faee0b8a2ef01897bed9705d","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3582189889665842","authorIdStr":"3582189889665842"},"htmlText":"[What]&nbsp;","listText":"[What]&nbsp;","text":"[What]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/896664498","repostId":1122422928,"repostType":4,"repost":{"id":"1122422928","kind":"news","pubTimestamp":1628577480,"share":"https://ttm.financial/m/news/1122422928?lang=&edition=fundamental","pubTime":"2021-08-10 14:38","market":"fut","language":"en","title":"Oil Claws Back Losses After Selloff Despite Delta Demand Fears","url":"https://stock-news.laohu8.com/highlight/detail?id=1122422928","media":"Bloomberg","summary":"(Bloomberg) -- Oil advanced from a three-week low as investors bet that the global demand recovery w","content":"<p>(Bloomberg) -- Oil advanced from a three-week low as investors bet that the global demand recovery will remain intact despite the fast-spreading delta virus variant leading to tighter restrictions in many regions.</p>\n<p>Futures in New York rose above $67 a barrel after tumbling almost 4% over the past two sessions. Delta has led to rising infections and curbs on movement, most notably in China where crude refining is set to be scaled back and air travel has slumped. However, expectations are that global demand will accelerate and tighten the market through the end of the year.</p>\n<p>Delta has raised concerns about the short-term demand outlook and interrupted a rally in oil that saw prices advance more than 50% over the first half of the year. The resurgence is crimping fuel consumption just as the OPEC+ alliance returns more supply to the market that it halted during the pandemic.</p>\n<p>China Petroleum &amp; Chemical Corp., the nation’s biggest refiner that’s commonly known as Sinopec, is cutting run rates at some plants by 5% to 10% compared with previously planned levels this month, according to Jean Zou, an analyst at commodities researcher ICIS-China. The analytics firm tracks operations, maintenance plans and processing margins across the country.</p>\n<p>“China’s Covid Zero strategy means restrictions could continue to widen and tighten, denting oil consumption,” said Vandana Hari, the founder of consultant Vanda Insights. “Delta outbreaks are certainly cause for a revaluation of the earlier anticipated trajectory of the global demand recovery.”</p>\n<p>The oil market structure has also weakened as Covid-19 cases climb. The prompt timespread for Brent was 47 cents a barrel in backwardation -- where near-dated contracts are more expensive than later-dated ones. That compares with 92 cents at the end of July.</p>\n<p>The number of seats being offered by China’s airlines dropped the most since early in the pandemic as the nation implemented fresh restrictions to contain the latest wave, based on data from aviation specialist OAG. Meanwhile in the U.S., virus cases surged to the highest weekly level since early February.</p>\n<p>The International Energy Agency and the Organization of Petroleum Exporting Countries are scheduled to release monthly reports on Thursday, which should give an indication of how seriously they see the threat to demand from delta.</p>","source":"lsy1612507957220","collect":0,"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>Oil Claws Back Losses After Selloff Despite Delta Demand Fears</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\">\nOil Claws Back Losses After Selloff Despite Delta Demand Fears\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-10 14:38 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/oil-climbs-three-week-low-234647769.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Oil advanced from a three-week low as investors bet that the global demand recovery will remain intact despite the fast-spreading delta virus variant leading to tighter restrictions in ...</p>\n\n<a href=\"https://finance.yahoo.com/news/oil-climbs-three-week-low-234647769.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://finance.yahoo.com/news/oil-climbs-three-week-low-234647769.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122422928","content_text":"(Bloomberg) -- Oil advanced from a three-week low as investors bet that the global demand recovery will remain intact despite the fast-spreading delta virus variant leading to tighter restrictions in many regions.\nFutures in New York rose above $67 a barrel after tumbling almost 4% over the past two sessions. Delta has led to rising infections and curbs on movement, most notably in China where crude refining is set to be scaled back and air travel has slumped. However, expectations are that global demand will accelerate and tighten the market through the end of the year.\nDelta has raised concerns about the short-term demand outlook and interrupted a rally in oil that saw prices advance more than 50% over the first half of the year. The resurgence is crimping fuel consumption just as the OPEC+ alliance returns more supply to the market that it halted during the pandemic.\nChina Petroleum & Chemical Corp., the nation’s biggest refiner that’s commonly known as Sinopec, is cutting run rates at some plants by 5% to 10% compared with previously planned levels this month, according to Jean Zou, an analyst at commodities researcher ICIS-China. The analytics firm tracks operations, maintenance plans and processing margins across the country.\n“China’s Covid Zero strategy means restrictions could continue to widen and tighten, denting oil consumption,” said Vandana Hari, the founder of consultant Vanda Insights. “Delta outbreaks are certainly cause for a revaluation of the earlier anticipated trajectory of the global demand recovery.”\nThe oil market structure has also weakened as Covid-19 cases climb. The prompt timespread for Brent was 47 cents a barrel in backwardation -- where near-dated contracts are more expensive than later-dated ones. That compares with 92 cents at the end of July.\nThe number of seats being offered by China’s airlines dropped the most since early in the pandemic as the nation implemented fresh restrictions to contain the latest wave, based on data from aviation specialist OAG. Meanwhile in the U.S., virus cases surged to the highest weekly level since early February.\nThe International Energy Agency and the Organization of Petroleum Exporting Countries are scheduled to release monthly reports on Thursday, which should give an indication of how seriously they see the threat to demand from delta.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5481071,"gmtCreate":1628579330648,"gmtModify":1663232168442,"authorId":3582189889665842,"author":{"id":3582189889665842,"idStr":"3582189889665842","authorId":3582189889665842,"name":"THB","avatar":"https://static.tigerbbs.com/714f3e61faee0b8a2ef01897bed9705d","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":896664498,"type":1,"supId":0,"prevId":0,"content":"一","text":"一","html":"一"}],"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":25,"commentSize":2,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}