Ongoing U.S.-China trade tensions continue to chip away at Chinese economic growth. China’s National Bureau of Statistics (NBS) said on Thursday that the country’s economy slowed in the first two months of the year as the rate of industrial production fell to its lowest in a decade. Advertisements
(Bloomberg) — Oil rose as Saudi Arabia was said to extend deep supply cuts into April.
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OPEC+ members will decide to continue with the 1.2 million barrel per day (MMbpd) cuts announced in December to at least the end of the first six-month period, and likely beyond, at the next OPEC+ meeting in April.
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President Trump extended the trade talks with China, citing “substantial progress,” which will defuse one of the largest downside risks to the oil market, at least for a while longer.
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(Bloomberg) — Liquefied natural gas prices in North Asia, the world’s biggest market for the fuel, have slumped to the lowest in 17 months as the peak demand season ends with a whimper.
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Some analysts see higher prices ahead, as the OPEC+ cuts create a tighter backdrop.
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Oil prices rose early on Monday, extending last week’s gains amid rekindled hopes that the U.S. and China could reach a trade deal and growing signs of a tightening market, driven by OPEC’s production cuts and U.S. sanctions on Iran and Venezuela.
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Legislation targeting OPEC is suddenly gaining steam in the U.S. Congress, raising alarm bells for the cartel.
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Renewed concerns over Chinese growth weighed on crude prices on Monday, with WTI and Brent falling more than three percent. It was the largest single-day decline in a month.
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For illustration purposes only (Image courtesy of Tokyo Electric Power) Japanese imports of liquefied natural gas (LNG) imports declined just 0.9 percent in 2018 when compared to the year ago, according to the provisional data released by Japan’s Ministry of Finance.
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