Oil futures fell sharply Tuesday, unable to shake off worries about crude demand due to a continued rise in coronavirus cases and the end of U.S. summer holiday driving season.
The U.S. benchmark, West Texas Intermediate crude for October delivery CL.1, -5.93% CLV20, -5.93% fell $2.20, or 5.5%, to $37.57 a barrel on the New York Mercantile Exchange. November Brent crude BRN.1, -3.76% BRNX20, -3.74%, the global benchmark, was off $1.39, or 3.3%, at $40.62 a barrel on ICE Futures Europe, after a 1.5% decline on Monday, when U.S. markets were closed for Labor Day.
Crude was pressured Monday after Saudi Arabia lowered its official selling price for Asian buyers, analysts said, which was taken as a sign of weak demand.
“The key concern for the market remains demand, and with China having restocked in prior months, sizable fresh Chinese buying appears to be absent from the market at the moment,” said Warren Patterson, global head of commodities at ING, in a note.
After record volumes in June, customs data showed Chinese crude imports in August averaged 11.23 million barrels a day, down from 12.13 million barrels in July and well below the record 12.99 million barrels seen in June, he said, noting that on a year-over-year basis, imports remain up 13%.
The decline comes as U.S. driving season, the period between Memorial Day and Labor Day, comes to an end, pointing to seasonal weakness in demand for gasoline.
October gasoline RBV20, -5.08% fell 5.5% to $1.1114 a gallon, while October heating oil HOV20, -6.34% dropped 6.4% to $1.077 a gallon.
October natural-gas futures NGV20, -0.77% were off 1.7% at $2.543 per million British thermal units.
Reprinted from marketwatch, the copyright all reserved by the original author.
면책 조항: 본 게시글에 표현된 견해는 전적으로 작성자의 견해이며 Followme의 공식 입장을 대변하지 않습니다. Followme는 제공된 정보의 정확성, 완전성 또는 신뢰성에 대해 책임을 지지 않으며, 서면으로 명시적으로 언급되지 않는 한 해당 내용을 기반으로 취해진 어떠한 조치에 대해서도 책임을 지지 않습니다.
더 오래된 의견은 없습니다. 소파를 가장 먼저 잡으십시오.