China Oil Demand Down 20%

Anonymous Chinese energy officials have hinted that Chinese oil demand is down by 3 million barrels per day currently – more than ten times original estimates from Goldman Sachs. If confirmed, this loss of 20% of China’s consumption would be the most severe global demand drop since the 2008-09 Great Recession, when oil prices fell […]

Oil Briefly Above 200-Day Moving Average

Once again a large price swing is being negated this morning as markets are driven by headlines rather than fundamentals. Crude oil is trading at $56.76, down 96 cents (-1.7%) from Friday’s close. Fuel prices are taking a hit as well. Diesel prices are trading at $1.9018, down 4.6 cents (-2.4%). Gasoline prices are currently […]

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