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

Crude oil futures steady as markets await fresh cues

Commodities | Energy | Oil | Crude Oil | Oil Risk | Coronavirus

A new benchmark for American crude to move on from a negative experience


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 | Petrochemicals | Olefins

European propylene prices move higher, supported by stronger feedstocks

Crude oil futures steady as markets await fresh cues


Crude oil futures were largely steady during mid-morning trade in Asia Tuesday, after the more than $1/b surge overnight, as concerns over the global economy continue to take center stage, industry sources said.

Not registered?

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

Register Now

Market participants were also waiting for fresh cues from US oil inventory data to be released late Tuesday, industry sources said.

At 11:40 am in Singapore (0340 GMT), ICE Brent October futures inched 1 cent/b (0.02%) lower from Monday's settle to $59.73/b, while the front-month NYMEX September light sweet crude futures contract ticked down 6 cents/b (0.11%) at $56.15/b.

"Crude oil prices closed higher over growing market optimism on economic stimuli to boost flagging global growth," Phillip Futures' investment analyst Benjamin Lu said.

Moreover, a bullish expectation on last week's US crude inventory data also provided some support to prices this morning, analysts said.

US commercial crude inventories were expected to have declined by 3.1 million barrels to around 437.4 million barrels during the week ended August 16 according to analysts surveyed Monday by S&P Global Platts.

Refinery utilization is expected to tick 0.2 percentage points higher to 95% of capacity, analysts said, contributing to the nationwide crude draw.

Refined product inventories likely fell last week despite the expected uptick in refinery runs. Total gasoline stocks are expected to have fallen 1.6 million barrels at 232.2 million barrels, and distillate tanks are expected to draw about 200,000 barrels to 135.3 million barrels, analysts said.

Market participants would be watching out for preliminary data on last week's US inventory data from the American Petroleum Institute due for release on Tuesday and the more definitive numbers from the US Energy information Administration later Wednesday.

Prevailing uncertainty around the ongoing trade tensions between the US and China as well as concerns over global demand and growth however, continued to prove bullish for crude prices, analysts said.

"Shaky economic fundamentals along with elevated market risks have limited bullish gains for crude oil futures," said Lu.

Elsewhere, Saudi Arabia's crude exports fell to a 22-month low of 6.72 million b/d in June, according to the Joint Organizations Data Initiative, fulfilling pledges by kingdom officials to hold volumes below 7 million b/d to help stabilize oil prices.

The kingdom's June crude exports mark a 221,000 b/d drop from May, JODI said Monday in its latest data update, and came despite a 112,000 b/d rise in production to 9.78 million b/d.

"OPEC-led supply cuts though providing a price floor, has failed to spur oil prices forward as market outlook turns increasingly dim for the coming term. With supply levels looking poised to maneuver ahead of global oil demand, oil prices will remain confined within range-bound conditions as traders deliberate downbeat market assessments, "Lu added.

As of 0340 GMT, the US Dollar Index was 0.07% lower at 98.195.

--Avantika Ramesh,

--Edited by Norazlina Juma'at,