Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.


  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list
Oil

Crude oil futures slip after Trump's threat on more tariffs for China

Metals | Steel | Raw Materials

India's steel sector: turning a corner or facing more hurdles ahead?

Oil

Platts Market Data – Oil

Capital Markets | Commodities | Oil | Crude Oil | Refined Products | Fuel Oil | Gasoline | Jet Fuel | Naphtha | Marine Fuels | Equities | Financial Services | Banking | Non-banks | Private Markets

North American Crude Oil Summit, 3rd annual

Oil

UBS cuts 2020 oil price forecast to $60/b over coronavirus impact

Crude oil futures slip after Trump's threat on more tariffs for China

Singapore — Crude oil futures were lower during mid-morning trade in Asia Thursday after US President Donald Trump renewed threats on further tariffs against China, if no progress is made on a trade agreement at the G20 summit. Mild profit-taking after Wednesday's spike also added downward pressure.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

At 10:20 am Singapore time (0220 GMT), ICE Brent August futures were down 20 cents/b (0.30%) from Wednesday's settle at $66.29/b, while the front-month NYMEX August light sweet crude futures contract was 17 cents/b (0.29%) lower at $59.21/b.

Trump said his Plan B with China is to impose more tariffs and do less business with China, if no progress is made at the G20 summit over the weekend, according to media reports.

"Risk appetite took a dip just as market watchers took concern over US President Donald Trump's renewed warning on imposing 'substantial additional tariffs' against China, if there is no progress made on a trade deal at the G20 summit in Japan," UOB said in a note Thursday.

"With risk appetite seen softer at closing yesterday [Wednesday], Asian bourses likely headed for a mixed start for the day ahead," it added

Market participants also attributed mild profit-taking for the lower crude futures on Thursday morning.

"We saw a pretty strong rally [overnight] after the Energy Information Administration reported a massive 12.79-million-barrel draw last week," David Lennox, resource analyst at Fat Prophets, said.

"I won't be surprised to see a slight pull back on that rally," Lennox added.

On Wednesday, the EIA reported a surge in export activity to a fresh all-time high, which drove US crude inventories to a seven-week low.

According to the EIA, US crude exports jumped 348,000 b/d to a record high of 3.77 million b/d during the week ended June 21. Outflows were 163,000 b/d stronger than the previous record-high 3.61 million b/d reached in mid-February.

The surge in crude exports contributed to a 12.79-million-barrel draw in commercial crude stocks, taking inventories to 469.58 million barrels. While the draw put a considerable dent in a budding crude supply overhang, US crude inventories remain ample at 6.3% above the five-year average.

Market participants will next keep an eye out on the Baker Hughes rig count data, an early indicator of future US crude oil production, set to be published later Friday.

As of 0220 GMT, the US Dollar Index was up 0.09% at 95.815.

--Ng Jing Zhi, jz.ng@spglobal.com

--Edited by Geetha Narayanasamy, geetha.narayanasamy@spglobal.com