Prices continue to creep lower within a wide daily chart range defined by the first and second Fibonacci retracements of the upside from the May lows to the September peaks. Gold prices were supported as a risk appetite dried up, with anti-cyclical safe haven currencies like the Japanese Yen and Swiss Francalso gaining. They found support above the low end around the November 10th low in the region of $ 1455. US crude prices remain quite charming trapped within a range that closely matches the trading action given the September 24, when the market fell sharply. Year-to-date, silver prices are almost 10 percent. Crude oil prices slipped in Asia Thursday after news of another strong accumulation of US stocks and record weekly production. They rose in Asia on Wednesday, as China seemed destined to intensify US energy purchases, as part of an effort to reduce the US trade gap.
China has played an important role in global crude oil markets, helping to erase most of the excess seen in the last two or three years, which puts even more importance on better understanding, but also scrutinizing Chinese data, the IEA he said in his monthly oil market report. He had ambitions for years to create a new oil futures contract that would trade on the INE Shanghai International Energy Exchange, but foreign investors had been frightened by Beijing’s policies on the currency of yuan and capital outflows and last year’s intervention year on volatile commodity markets, according to sources that spoke to Reuters in January. The United States is accused of interference and sinister purpose. He offered for the purchase of about $ 70 billion of US farm and energy if the Trump administration abandoned threatened tariffs, according to the people informed about the latest negotiations. It is the second largest consumer of oil in the world after the United States and has been the engine of strengthening demand and production of numbers are often seen as indicators for future growth in fuel demand.
March imports are forecast by Thomson Reuters analysts at less than 7 million barrels per day. Going forward, China’s crude oil imports will probably continue to increase, analysts say. China’s crude oil imports rose to their second-highest level in May as refineries were not eager to capitalize on still healthy refining margins amid low oil prices.
The organic growth in the British patent is clearly below trend, he said before adding that when the accounting for Brexit-related swings in production, the data seemed a bit lukewarm. Furthermore, the rise in China’s crude demand comes at a time when the output is falling, giving national oil companies more impetus to buy from abroad. Robust demand for C-CNIMP-PRM China crude oil has been supported by independent refiners, also known as teapots, which have been receiving import quotas from Beijing for the past nine months. The expected profit decline of energy giants is expected to affect the overall performance of state-owned enterprises, as Sinopec, along with China National Petroleum Corp, the country’s largest oil and gas producer, are the profit pillars. Consequently, the demand for anti-fiat coverage such as gold, platinum, silver and palladium has inflated. Increased teapot demand and stronger refining margins that encouraged higher processed volumes contributed to an increase in imports, he said.