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
Natural Gas | Oil

Crude lower in Asia trade as COVID-19 surge in US dims demand outlook

Commodities | Agriculture | Grains | Energy | Electric Power | LNG | Natural Gas | Oil | Crude Oil | Metals | Coronavirus

Market Movers Americas, June 29-July 3: Rig count rises, but pandemic continues to pressure US commodities

LNG | Natural Gas | NGL

Platts LNG Alert

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

Natural Gas

Regulation 'unrelated' to Slovak-Ukraine maintenance issue: RONI

Crude lower in Asia trade as COVID-19 surge in US dims demand outlook

Singapore — 0200 GMT: Crude oil futures were trading lower in mid-morning trade in Asia June 29 after a surge in new coronavirus cases across the US clouded the demand outlook.

Not registered?

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

Register Now

At 10 am Singapore time (0200 GMT), ICE Brent August crude futures were down 58 cents/b (1.41%) from the June 26 settle at $40.44/b, while the NYMEX August light sweet crude contract was 53 cents/b (1.38%) lower at $37.96/b.

The number of new coronavirus cases in the US surged to a fresh record high late last week, prompting several states to delay reopening plans or re-shutter businesses to slow the pandemic. Texas governor George Abbott and Florida governor Ron DeSantis issued orders June 26 closing bars in a bid to slow the explosive growth of the virus in those states.

"The continued spread of the virus remains one of the most significant downside risks to the economic outlook, as about 30%-50% of GDP comes from countries that have seen worsening COVID-19 trends," Stephen Innes, chief global markets analyst at AxiCorp, said in a note June 29.

More than 10 million cases have now been recorded globally, with the US recording the highest number, accounting for around 25% of the total, according to media reports.

On the supply front, the closely watched Baker Hughes US oil and gas rig count ticked one lower to 265 in weekly data released June 26. The drop offered a somewhat bullish counterpoint to Enervus data released June 25 that showed the weekly US oil rig count rising for the first time since February.

Concerns that resurgent demand and higher prices could spur US producers to resume production and provide more downward pressure on crude prices in the short term have been realized, market sources said.

"The US increased its oil production for the first time in 14 weeks. Crude oil production in the US rose from 10.5 mbpd in the week of June 12 to 11 mbpd in the week of June 19, in a sign that prices are now healthy enough to encourage the return of marginal producers," OCBC analysts said in a note June 29.

Meanwhile, S&P Global Platts Analytics estimates that US gasoline and distillate demand have both bottomed out and will likely improve in the months ahead. They forecast US gasoline demand to rise to 8.8 million b/d by December, averaging 8.1 million b/d in 2020 and down from 9.3 million b/d in 2019, while US distillate demand is likely to average 3.9 million b/d in 2020, down from 4.1 million b/d in 2019.