Oil prices rose slightly on Monday as Chinese industrial output and retail data topped expectations but gains were capped by overall figures showing the country’s slowest quarterly economic growth in decades. Asian and early European trading was boosted by the more positive Chinese economic data, which may indicate early success in government stimulus efforts and potentially more oil demand in the world’s number two economy. Click Read More below for additional information.
National Average Price for Regular Unleaded – Current: $2.775; Month Ago: $2.723; Year Ago: $2.885. National Average Price for Diesel – Current: $3.004; Month Ago: $3.036; Year Ago: $3.171.
American Dollar to Canadian Dollar = 0.767246; American Dollar to Chinese Yuan = 0.145320; American Dollar to Euro = 1.125436; American Dollar to Japanese Yen = 0.009236; American Dollar to Mexican Peso = 0.052371.
The French-based agency said oil supplies for the first half of 2019 surpassed demand by nearly a million barrels a day. The IEA added the global oil surplus for the second quarter was 500 million per day. The IEA said surpluses have occurred despite a decision by OPEC and its allies to keep 1.2 million barrels of oil per day off the market since the beginning of 2019. Click Read More below for additional information.
OPEC expects that world demand for its crude oil will decline next year as rivals, including the U.S., pump more, a downgraded view that comes even as the cartel and its allies have extended a strategy to restrain supplies. The Organization of Petroleum Exporting Countries says demand for its crude is expected to average 29.3 million barrels per day in 2020, down by around 1.3 mb/d from 2019. Click Read More below for additional information.
Oil prices rose more than 2% on Wednesday after industry data showed US inventories fell more than expected and as major US producers evacuated rigs in the Gulf of Mexico before a storm. Data from the API on Tuesday showed US crude inventories fell by 8.1 million barrels in the week to July 5 to 461.4 million, compared with analysts expectations for a decrease of 3.1 million barrels. Click Read More below for additional information.
This year has been rocky for the $800 billion trucking industry. After a raucous 2018, 2019 has seen retailers and manufacturers moving less, according to the Cass Freight Index. Freight rates have dipped year over year for six months straight. Loads on the spot market, in which retailers and manufacturers buy trucking capacity as they need it rather than through a contract, have fallen by a chilling 62.6% in May year over year. And that means rates have dipped for independent truckers as well as major companies. Rates for van loads sank 20% in May year over year, according to DAT. The earnings of big and small players alike are getting hit as factory activity continues to decline. The Lexington, Ky., owner-operator Chad Boblett said some truck drivers are seeing a "bloodbath." Click Read More below for additional information.
Oil rose towards $65 a barrel on Tuesday as OPEC supply cuts and Middle East tensions outweighed the U.S.-China trade dispute that has been dragging down the global economy and oil demand. U.S. crude stockpiles are forecast to fall 3.6 million barrels in a fourth consecutive weekly decline. The first of this week's two supply reports is due at 2030 GMT from the American Petroleum Institute, an industry group. Click Read More below for additional information.
Oil prices steadied on Monday as tensions over Iran's nuclear programme were tempered by global economic growth concerns and consequently oil demand. "That the market reacts so little to the tense situation in the Middle East is a reflection of a very well-supplied market in general and a very relaxed market," said SEB chief commodities analyst Bjarne Schieldrop. Click Read More below for additional information.
National Average Price for Regular Unleaded – Current: $2.759; Month Ago: $2.795; Year Ago: $2.865. National Average Price for Diesel – Current: $3.007; Month Ago: $3.072; Year Ago: $3.168.