3 July (Argus) — Ice Brent crude futures eased in early Asian trading hours following a build in US crude stocks.
At 04:00 GMT, the Ice front-month September Brent contract was at $68.63/bl, down by 48¢/bl from its settlement on 2 July when the contract ended $2/bl higher.
The Nymex front-month August crude contract was at $67/bl, down by 45¢/bl from its settlement on 2 July when the contract ended $2/bl higher.
US crude inventories last week rose by 3.8mn bl on a sizeable build in the Gulf coast region and the highest net imports in a year, the Energy Information Administration (EIA) reported.
Crude stocks in the week ended 27 June rose to 419mn bl, up from a five-month low of 415.1mn bl a week earlier. The increase halts a five-week slide during which inventories had fallen by a combined 28.1mn bl.
But traders are keeping close watch for signs indicating a slowdown in US oil and gas activities despite the increase in US crude stocks. US oil and natural gas activity contracted slightly in the second quarter amid lower crude prices as companies fretted over an increasingly uncertain outlook, according to the latest survey from the Federal Reserve Bank of Dallas.
The business activity index — the survey's broadest measure of conditions — dropped to minus 8.1 from positive 3.8 in the first three months of the year. At the same time, the outlook uncertainty index jumped by 4 points to 47.1. The indexes are calculated by subtracting the percentage of companies reporting a decrease from the ones reporting an increase.
Executives expressed growing frustration over the administration of US president Donald Trump pushing for lower oil prices even as the White House called for more drilling as part of its "energy dominance" agenda. And increased tariffs on imported steel supplies are also expected to weigh on customer demand.
Vietnam was one of the largest targets of US tariffs imposed under Trump, with a 10pc tax on imports from that country effective since 5 April. The rate could have gone to as high as 69pc under initial plans by Trump. Instead, Trump said via his social media platform on 3 July that imports from Vietnam would be subject to a 20pc rate, with a separate 40pc rate on products "trans-shipped" through Vietnam.
3 July (Argus) — Ice Brent crude futures eased in early Asian trading hours following a build in US crude stocks.
At 04:00 GMT, the Ice front-month September Brent contract was at $68.63/bl, down by 48¢/bl from its settlement on 2 July when the contract ended $2/bl higher.
The Nymex front-month August crude contract was at $67/bl, down by 45¢/bl from its settlement on 2 July when the contract ended $2/bl higher.
US crude inventories last week rose by 3.8mn bl on a sizeable build in the Gulf coast region and the highest net imports in a year, the Energy Information Administration (EIA) reported.
Crude stocks in the week ended 27 June rose to 419mn bl, up from a five-month low of 415.1mn bl a week earlier. The increase halts a five-week slide during which inventories had fallen by a combined 28.1mn bl.
But traders are keeping close watch for signs indicating a slowdown in US oil and gas activities despite the increase in US crude stocks. US oil and natural gas activity contracted slightly in the second quarter amid lower crude prices as companies fretted over an increasingly uncertain outlook, according to the latest survey from the Federal Reserve Bank of Dallas.
The business activity index — the survey's broadest measure of conditions — dropped to minus 8.1 from positive 3.8 in the first three months of the year. At the same time, the outlook uncertainty index jumped by 4 points to 47.1. The indexes are calculated by subtracting the percentage of companies reporting a decrease from the ones reporting an increase.
Executives expressed growing frustration over the administration of US president Donald Trump pushing for lower oil prices even as the White House called for more drilling as part of its "energy dominance" agenda. And increased tariffs on imported steel supplies are also expected to weigh on customer demand.
The US will raise its tariff rate on imports from Vietnam to 20pc under a deal concluded on 2 July, Trump said.
Vietnam was one of the largest targets of US tariffs imposed under Trump, with a 10pc tax on imports from that country effective since 5 April. The rate could have gone to as high as 69pc under initial plans by Trump. Instead, Trump said via his social media platform on 3 July that imports from Vietnam would be subject to a 20pc rate, with a separate 40pc rate on products "trans-shipped" through Vietnam.
By Rhalain Reyes