The EIA reported inventory data quite in line with consensus expectations. The surprise this week was China, which reported a paltry 3% YoY growth based on preliminary data. Please see attachment for more details.
· Crude oil inventories declined 0,8m bbl versus consensus estimates of 1m bbl drop. Crude oil inventories continue to be comfortable, within the 7-8% range above its 5y average.
· China was the surprise of the week. Preliminary oil consumption data for the month of July shows just 3% growth YoY, in sharp contrast with the 18% YoY growth in 1Q10 and the 11% YoY growth in 2Q10.
· Clearly, one month does not make a trend, but it is in line with the economic deceleration taking place in China.
· This is an important data point for the oil market sentiment. China demand growth has been an important driver for oil prices over the years
Tampilkan postingan dengan label Oil and gas update from Hernan Ladeuix. Tampilkan semua postingan
Tampilkan postingan dengan label Oil and gas update from Hernan Ladeuix. Tampilkan semua postingan
Kamis, 19 Agustus 2010
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