10 Nov, 23

Concerns Mount Over China’s Crude Oil Demand

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1. Can We Get a Little Contango Now?- China’s swelling oil inventories and weakening crude demand as well as an alleged 12-million-barrel buildup in US stocks (still not confirmed by the EIA as it skipped this week’s publishing schedule due to maintenance) have weakened WTI to $76 per barrel, the lowest since July. – While prices may be up for a technical rebound, the descent of WTI has also radically shrunk backwardation in the futures curve, potentially even setting the scene for the first period of contango in many months. – Depleted…

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