- News
- Insights
- Bunkerworld .
- OIL FUTURES: Crude falls as US-China trade tensions resurface
.
-
May 26
-
May 18
-
May 13
-
May 11
-
May 4
-
Apr 26
-
Apr 22
-
Apr 11
-
Apr 7
-
Apr 6
-
Mar 23
-
Mar 15
-
Mar 8
-
Feb 28
-
Feb 11
-
Feb 2
-
Feb 1
-
Jan 17
-
Dec 27
-
Dec 10
-
Dec 3
-
Nov 25
-
Nov 16
-
Oct 29
-
Oct 25
-
Oct 12
-
Oct 8
-
Oct 4
-
Sep 30
-
Sep 29
-
Sep 24
-
Sep 23
-
Sep 17
-
Sep 10
-
Sep 9
-
Sep 6
-
Sep 2
-
Aug 30
-
Aug 27
-
Aug 23
-
Aug 20
-
Aug 17
-
Aug 13
-
Aug 9
-
Aug 3
-
Jul 29
-
Jul 26
-
Jul 22
-
Jul 15
-
Jul 5
-
Jul 2
-
Jun 28
-
Jun 22
-
Jun 18
-
Jun 11
-
Jun 7
-
Jun 4
-
May 31
-
May 28
-
May 25
-
May 21
-
May 5
-
Apr 28
-
Apr 27
-
Apr 26
-
Apr 23
-
Apr 22
-
Apr 19
-
Apr 16
-
Apr 15
-
Apr 14
-
Apr 13
-
Apr 9
-
Apr 7
-
Apr 5
-
Mar 31
-
Mar 23
-
Mar 19
-
Mar 17
-
Mar 12
-
Mar 5
-
Mar 4
-
Mar 3
-
Mar 1
-
Feb 25
-
Feb 24
-
Feb 22
-
Feb 17
-
Feb 12
-
Feb 10
-
Feb 9
-
Feb 5
-
Feb 1
-
Jan 27
-
Jan 25
-
Jan 22
-
Jan 20
-
Jan 18
-
Jan 13
-
Jan 11
-
Jan 8
-
Jan 7
-
Jan 4
-
Dec 31
-
Dec 28
-
Dec 24
-
Dec 21
-
Dec 14
-
Dec 9
-
Dec 9
-
Dec 8
-
Dec 4
-
Dec 2
-
Dec 1
-
Nov 30
-
Nov 27
-
Nov 25
-
Nov 23
-
Nov 17
-
Nov 16
-
Nov 11
-
Nov 10
-
Nov 6
-
Nov 5
-
Nov 4
-
Nov 2
-
Oct 29
-
Oct 27
-
Oct 23
-
Oct 22
-
Oct 20
-
Oct 14
-
Oct 12
-
Oct 6
-
Oct 5
-
Sep 30
-
Sep 29
-
Sep 25
-
Sep 21
-
Sep 18
-
Sep 16
-
Sep 15
-
Sep 14
-
Sep 9
-
Sep 8
-
Sep 4
-
Sep 2
-
Aug 31
-
Aug 27
-
Aug 25
-
Aug 20
-
Aug 19
-
Aug 14
-
Aug 12
-
Aug 7
-
Aug 6
-
Aug 4
-
Jul 31
-
Jul 30
-
Jul 29
-
Jul 28
-
Jul 24
-
Jul 20
-
Jul 16
-
Jul 13
-
Jul 9
-
Jul 9
-
Jul 7
-
Jun 30
-
Jun 26
-
Jun 25
-
Jun 23
-
Jun 22
-
Jun 22
-
Jun 19
-
Jun 16
-
Jun 10
-
Jun 9
-
Jun 5
-
Jun 2
-
May 29
-
May 26
-
May 21
-
May 20
-
May 15
-
May 12
-
May 8
-
May 5
-
May 1
-
Apr 28
-
Apr 24
-
Apr 23
-
Apr 22
-
Apr 21
-
Apr 20
-
Apr 17
-
Apr 16
-
Apr 16
-
Apr 3
0627 GMT: Oil prices fell in Asia Monday afternoon on emerging signs of potential US-China trade tensions amid the ongoing coronavirus pandemic.
At 2:27 pm Singapore time (0627 GMT), ICE Brent crude July futures were down 44 cents/b (1.66%) from Friday's settle at $26/b, while the NYMEX June light sweet crude contract was $1.46/b (7.38%) lower at $18.32/b.
"The resumption of the trade war will be detrimental to oil prices over the long term," Axicorp chief global markets strategist said in a note Monday.
The US-China relations have been strained during the coronavirus pandemic, with the US President Donald Trump blaming China for the outbreak. Last week, Trump claimed that China "will do anything they can" to make him lose in the upcoming presidential election in November.
"[The renewed possibility of the return of the trade war] remains to be seen if this may be short-term positioning by the US administration, particularly given the costs both to the US equity market and US consumers should further trade barriers to put up during a time of economic distress," IG market strategist Pan Jingyi said in a note Monday.
On the other hand, oil fundamentals were showing signs of improvement.
Oil production has been on a decline as global producers continue to respond to the supply glut. Energy technology company Baker Hughes' rig count data showed that US oil rigs have dropped by 53 to 325 during the week ended May 1. Meanwhile, OPEC+ oil production cut agreement of 9.7 million b/d also came into effect in May.
In addition, more efforts were taken to further rectify the supply glut. US-based Chevron plans to shut-in around 200,000-300,000 b/d of oil equivalent in May, the producer said during its first-quarter earnings briefing. Separately, ExxonMobil said Friday that it expects to cut global upstream production by 10% or 400,000 boe/d in the second quarter through shut-ins and curtailments.
Demand for products is also likely to gradually improve as economies around the globe reopen with governments easing lockdown restrictions.
The US Energy Information Administration adjusted US gasoline demand up by 15% on the week to 6.5 million b/d for the week ended April 24.
"With the market rebalancing now in motion, traders will also commence positioning for a multi-staged tightening cycle. First led by retail and industrial consumption and to the latter end of the stick, aviation fuel demand, as travel restrictions will likely be at the tail end of the re-opening process," Innes said.
Bunkerworld .,