Oil News: Mixed Demand Signals Pressure Prices Lower
==========
U.S. crude inventories fell by 3.7 million barrels; China's 2024 oil imports and refinery runs lag behind 2023 levels; Alberta wildfires disrupt oil production at major sites like Suncor's Firebag; Oil prices are lower on Thursday as traders weighed mixed demand signals and inventory data; China’s oil imports and refinery runs have trended lower in 2024 compared to 2023, reflecting weaker fuel demand amid sluggish economic growth; Efforts to reach a ceasefire in Gaza between Israel and Hamas have gained momentum; wildfires in Canada’s Alberta province threaten oil production; Refinery margins are being squeezed, with crack spreads falling to very low levels; Concerns over a potential oil market surplus in 2025 are adding to bearish sentiment; The short-term outlook for oil prices appears bearish; Light crude oil futures are lower, poised to challenge the 200-day moving average at $75.90
#Oil #Demand #Prices #Inventory #China #Wildfires #Refinery #Gaza #Ceasefire
https://www.fxempire.com/forecasts/article/oil-news-mixed-demand-signals-pressure-prices-lower-1448677
FX Empire /
npub1lj…9zjdc
2024-07-25 10:26:28
Author Public Key
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wss://relay.damus.ioPublished at
2024-07-25 10:26:28Event JSON
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"content": "Oil News: Mixed Demand Signals Pressure Prices Lower\n==========\n\nU.S. crude inventories fell by 3.7 million barrels; China's 2024 oil imports and refinery runs lag behind 2023 levels; Alberta wildfires disrupt oil production at major sites like Suncor's Firebag; Oil prices are lower on Thursday as traders weighed mixed demand signals and inventory data; China’s oil imports and refinery runs have trended lower in 2024 compared to 2023, reflecting weaker fuel demand amid sluggish economic growth; Efforts to reach a ceasefire in Gaza between Israel and Hamas have gained momentum; wildfires in Canada’s Alberta province threaten oil production; Refinery margins are being squeezed, with crack spreads falling to very low levels; Concerns over a potential oil market surplus in 2025 are adding to bearish sentiment; The short-term outlook for oil prices appears bearish; Light crude oil futures are lower, poised to challenge the 200-day moving average at $75.90\n\n#Oil #Demand #Prices #Inventory #China #Wildfires #Refinery #Gaza #Ceasefire\n\nhttps://www.fxempire.com/forecasts/article/oil-news-mixed-demand-signals-pressure-prices-lower-1448677",
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