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Barchart
Barchart
Rich Asplund

Crude Prices Under Pressure from Chinese Energy Demand Concerns

Oil United States Nymex China Natural Gas

August WTI crude oil (CLQ23) this morning is down -1.70 (-2.36%), and Aug RBOB gasoline (RBQ23) is down -8.70 (-3.36%).  July Nymex natural gas (NGN23) is down -0.100 (-3.80%).

Crude oil and gasoline prices this morning are moderately lower.  A stronger dollar today is bearish for crude prices, along with a selloff in stocks, which weighs on confidence in the economic outlook and energy demand.  Also, Chinese energy demand concerns are weighing on crude prices after the China National Petroleum Corp (CNPC) cut its 2023 China crude oil demand estimate.

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