Oil prices dive on US crude build and China concerns
Oil Prices Drop as Supply Concerns Rise
November 16, 2023 – 4:07 PM UTC
(Reuters) – In a significant downturn, oil prices plummeted by over $3 a barrel on Thursday, extending losses from the previous session. Investors in New York reacted to signals of increased supply in the United States and anticipated weak energy demand in China.
Brent futures fell $2.60, or 3.2%, to $78.58 a barrel by 1526 GMT. U.S. West Texas Intermediate crude (WTI) shed $2.65, roughly 3.5%, to $74.01. Both benchmarks dropped by more than 1.5% in the previous session.
WTI’s front-month contract also traded below the price for the second month, a structure known as contango.
“Clearly, the decline in crude oil prices and the weakening of the structure is an ominous sign; one that implies an oversupplied physical market,” said Tamas Varga of oil broker PVM.
“Whether a drop of this magnitude is fundamentally justified remains a question, but the financial firepower of New York tends to exaggerate sentiment,” he told Reuters.
OPEC and the International Energy Agency (IEA) have both predicted supply tightness in the fourth quarter, but U.S. data on Wednesday showed inventories were abundant.
The U.S. government Energy Information Administration said U.S. crude stocks rose by 3.6 million barrels last week to 421.9 million barrels, far exceeding analysts’ expectations in a Reuters poll.
U.S. crude production held steady at a record 13.2 million barrels per day (bpd).
PVM’s Varga said October inflation data from major economic hubs, including Britain, the euro zone, the United States was potentially bullish.
Chinese economic activity also rallied in October as industrial output increased at a faster pace and retail sales growth beat expectations.
“The current price drop is taking place amid a seemingly auspicious backdrop, which suggests that investors simply do not buy into the ‘Q4 stock draw’ narrative; something that is not backed up by the recent weekly EIA reports either,” said Varga.
One of the factors giving investors pause is an expected slowdown in Chinese oil refinery throughput. Runs eased in October from the previous month’s highs as industrial fuel demand weakened and refining margins narrowed.
As the Israel-Hamas conflict appeared to be escalating in Gaza, U.S. officials on Wednesday said they would enforce oil sanctions against Iran, which has long been a backer of Hamas.
Reporting by Natalie Grover, Stephanie Kelly and Andrew Hayley; Editing by David Goodman and Barbara Lewis
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How does Michelle Obama’s popularity and connection to the Obama legacy make her an attractive candidate for the Democratic Party in the upcoming election?
Eir candidate for the 2024 Presidential race. Gilbert, known for his controversial documentaries, alleges that the party is grooming the former First Lady to enter the political arena and potentially become the first female President of the United States.
In an interview with One America News, Gilbert claims that the Democrat Party sees Michelle Obama as a superstar and considers her the ideal candidate to continue the legacy of former President Barack Obama. He suggests that this move is strategic, aiming to capitalize on her popularity and name recognition to secure a win in the upcoming election.
Gilbert highlights the fact that Michelle Obama remains a highly influential figure in American politics and has a significant following both within and outside of the Democratic Party. He asserts that her charisma, intelligence, and ability to connect with the American people make her an attractive choice for the party in their bid for the White House.
However, it is important to note that these claims made by Gilbert are speculative and have not been confirmed by any credible sources. It is also worth mentioning that Michelle Obama herself has repeatedly stated that she has no intention of running for President. In a 2018 interview with The Today Show, she firmly stated, “It’s not something that I think I would do well.” She has consistently emphasized her desire to focus on her family and the work she is passionate about outside of politics.
While Gilbert’s claims may generate interest and speculation among political observers and enthusiasts, it is crucial to rely on verified information and official statements when discussing potential candidates for the Presidency. As of now, Michelle Obama’s future political aspirations remain uncertain, and it is ultimately up to her to make any decisions regarding her involvement in future elections.
In conclusion, Los Angeles filmmaker Joel Gilbert alleges that the Democrat Party has set up Michelle Obama for a potential Presidential run in 2024, citing her popularity and connection to the Obama legacy. However, these claims are speculative and have not been substantiated by credible sources. Michelle Obama herself has consistently denied any interest in running for President. It is important to rely on verified information and official statements when discussing potential candidates for the Presidency.
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