Category: Commodity Research External | Time: 12:09
Energy: Oil prices lost in the morning one percent to $ 80.5 per barrel. In addition to a stronger U.S. dollar as published in charge of the night import data from China. The second largest oil consumer in the world has imported 19 million tons of crude oil in July. Thus, imports were 17.5% lower than last month and a decrease of 3.2% for the first time since March 2009 back on the previous year. Prepare for a permanent weakening of demand still seems premature. The sharp decline in imports, compared with June, first explained in the record imports the previous month. In addition, a pipeline explosion left the port of Dalian mid-July that has affected imports temporarily. The damage has now been resolved, so that expected in August, again with a normalization of imports. The evening show today by the U.S. Department of Energy EIA report should be published months that China remains the mainstay of the oil demand. So far, the EIA expects a rise in global oil demand by 1.5 million barrels per day this year and next. The increase is thereby almost completely borne by the developing countries, especially China, Saudi Arabia and Brazil. At this perception might initially change anything.
In the evening released the API, the U.S. stock data for the past week. It is expected a drop in crude oil stocks by 1.6 million barrels, as imports are likely to have returned to normal after the strong rise in July. The inventory reduction should however be hampered by a decline in refinery utilization. However, should the product be stocks continued to rise, which indicates a further narrowing of the crack spreads.
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