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Demand Concerns

All articles tagged with #demand concerns

business1 year ago

OPEC+ Extends Production Cuts Amid Demand Concerns, Oil Prices Drop 3%

Oil prices fell by up to 3.5% as OPEC+ decided to start unwinding some production cuts earlier than expected amid demand concerns. West Texas Intermediate futures dropped below $75 per barrel, and Brent hovered around $78.60. The decline was driven by technical pressure and limited buying interest. OPEC+ extended existing cuts but will reduce additional cuts starting in October. Analysts view the move as market neutral, with a demand slowdown forecast for 2024. Gasoline prices have also eased, with the national average dropping to $3.53 per gallon.

via Yahoo Finance|
#business#demand-concerns#gasoline-prices
business1 year ago

Oil Prices End Week Lower Amid Demand and Supply Concerns

Oil prices are on track for a weekly loss due to concerns that persistent inflation and potential interest rate hikes could dampen demand. Despite a slight recovery on Friday, both Brent and U.S. West Texas Intermediate crude futures are set to close the week down, with Brent experiencing its longest losing streak since January. Market sentiment remains affected by last week's increase in U.S. crude inventories and macroeconomic uncertainties. The upcoming OPEC+ meeting on June 2 is also being closely watched.

via Fox Business|
#business#demand-concerns#federal-reserve
energy-markets2 years ago

"Global Oil Prices Plummet Amid Saudi Price Cuts and Demand Concerns"

Oil prices dropped nearly 4% as Saudi Arabia cut its oil prices, signaling weaker demand ahead, overshadowing supply risks in the Red Sea and Libya's force majeure. Concerns about demand, large US oil product builds, rising OPEC production, and bearish sentiment from traders and speculators also contributed to the price decline. Additionally, the annual rebalancing of major commodity indexes could further pressure oil prices.

via OilPrice.com|
#demand-concerns#energy-markets#oil-prices
energy2 years ago

2024 Oil Market Outlook: Oversupply, Demand Concerns, and Revised Price Forecasts

Oil investors are entering 2024 with concerns about oversupply, slowing economic growth, and simmering tensions in the Middle East that could lead to price volatility. Despite demand reaching record highs, prices have been capped by a strong dollar and robust non-OPEC output. Analysts forecast Brent crude to average $84.43 a barrel in 2024, with supply expected to grow between 1.2 million and 1.9 million bpd, driven by non-OPEC producers. Key factors to watch include OPEC+ compliance with voluntary output cuts, the influence of Russia, Iran, and Venezuela on global markets, the impact of new refineries on refined product tightness, and the potential for a crude quality mismatch between light sweet and medium sour grades.

via Reuters|
#demand-concerns#energy#geopolitical-tensions
energy2 years ago

Oil Prices Fluctuate Amidst Demand Concerns and Fed Rates

Oil prices fell as traders focused on demand concerns, with news of potential low gasoline demand in the US and Chinese refiners requesting lower volumes of Saudi crude. While concerns about a supply disruption in the Middle East have diminished, the Gaza war still poses a risk. Fresh economic data from China, including declining consumer prices, added to the bearish sentiment. However, some analysts believe the sell-off in oil is exaggerated, as fundamentals remain tight in the short term.

via OilPrice.com|
#chinese-refiners#demand-concerns#energy
energy2 years ago

Oil prices plummet as demand worries and inventory build-up drive prices to 3-month lows

Oil prices rebounded slightly after hitting their lowest levels in over three months due to concerns over weakening demand in the United States and China, the world's top oil consumers. The market is less worried about potential supply disruptions and is instead focused on an easing in tight oil supply conditions. U.S. crude oil stocks rose by nearly 12 million barrels last week, and the U.S. Energy Information Administration (EIA) expects a decrease in crude oil production and consumption this year. Additionally, data from China raised doubts about the demand outlook, while a modest recovery in the U.S. dollar added pressure to oil prices. However, OPEC remains optimistic about global economic growth and fuel demand.

via Reuters|
#china#demand-concerns#energy
energy2 years ago

"Surging Supply Pushes Oil Prices to 3-Month Low"

Oil prices continue to decline, reaching their lowest level in over three months, due to worries about weakening demand in the United States and China. The U.S. Energy Information Administration (EIA) revised its forecast, predicting a decrease in petroleum consumption by 300,000 barrels per day this year. Additionally, U.S. crude oil stocks rose by nearly 12 million barrels last week. However, China's crude oil imports showed strong growth in October, and OPEC expects global economic growth to drive fuel demand despite challenges such as high inflation and interest rates.

via CNBC|
#china#demand-concerns#energy
energy2 years ago

Global Demand Uncertainty Pushes Oil Prices Down, Russia Lifts Diesel Export Ban

Oil prices remained stable on Friday, but were on track for weekly losses due to concerns about global growth and fuel demand. Russia partially lifted its ban on diesel exports, allowing supplies delivered to ports by pipeline to be exported, as long as companies sell at least 50% of their diesel production domestically. The ban on gasoline exports remains in place. Brent and WTI futures were set to decline by approximately 12% and 9% respectively for the week. Despite the recent drop, analysts believe that the oil market will remain tight in the short-term, attracting buyers. Investors are also keeping an eye on the U.S. monthly jobs report for indications of economic strength.

via Reuters|
#demand-concerns#diesel-exports#energy
energy2 years ago

"Oil Prices Plummet, Marking Biggest Weekly Decline in Half a Year"

Crude oil prices are on track for their largest weekly decline since March, with Brent crude falling by close to 12% and West Texas Intermediate declining by almost 9%. The drop in prices was driven by weak U.S. gasoline demand, a bond market selloff, and concerns about the global economy. The decision by OPEC+ to maintain production cuts had little impact on the market, as traders are now more focused on economic worries. Inflation in the United States has also affected consumer spending on fuels, leading to a decline in gasoline demand. Further swings in oil prices are expected based on the upcoming jobs report and inflation data.

via OilPrice.com|
#demand-concerns#economic-worries#energy
technology2 years ago

Apple Slashes iPhone 15 Production Ahead of Launch

Analyst Jeff Pu predicts that Apple is cutting production of the upcoming iPhone 15 due to supply issues with components such as the display and cameras, as well as potential demand concerns. Apple was previously estimated to ship around 83 million iPhone 15 units but is now expected to build 77 million units by the end of the year. Additionally, Pu mentions some details about the rumored iPhone 16 Pro models, which are expected to be introduced in late 2024.

via 9to5Mac|
#apple#demand-concerns#iphone-15
business2 years ago

Lucid's Q2 Deliveries Disappoint as Demand Worries Linger

Luxury electric vehicle maker Lucid Group fell short of Wall Street estimates with its second-quarter deliveries of 1,404 Air sedans, compared to expectations of around 2,000. The company's stock has fallen about 58% in the past year amid concerns about demand for its expensive Air luxury sedan, despite having "over 28,000" reservations. Lucid recently cut about 18% of its workforce and struck a deal with Aston Martin Lagonda to supply electric-vehicle powertrains. The company expects to produce "over 10,000" vehicles in 2023 and has enough cash on hand to continue operations until at least the second quarter of 2024.

via CNBC|
#business#deliveries#demand-concerns
energy2 years ago

Oil Prices React to Global Economic News Ahead of Fed Meeting.

Oil prices rose on Tuesday morning as bargain hunters moved in, with WTI trading at $67.86 and Brent changing hands at $72.83. Most analysts expect a pause in rate hikes from the Fed meeting, which could temporarily stop the recent collapse in oil prices. However, doubts over China's economic recovery continue to dominate markets, and the effect of the pause on oil prices may not be durable. The US government's purchase of 3 million barrels of crude for the strategic petroleum reserve has helped boost sour crude prices to a one-year high.

via OilPrice.com|
#chinas-economic-recovery#demand-concerns#energy
energy2 years ago

Oil Prices Volatile Amid US-Iran Talks and Demand Concerns

Oil prices fell sharply to below $70 a barrel after reports emerged that the US and Iran are nearing a deal that could lead to more Iranian crude exports. The drop in prices came amid concerns over energy consumption. Iran could restore about 1 million barrels of daily crude production within months of a deal, traders and analysts said last year before talks broke down. The knee-jerk reaction to the reports shows how quickly crude can turn lower while struggling to move higher even when there are positive developments.

via Fortune|
#crude-exports#demand-concerns#energy