High stocks, low demand

摘要

Benchmark crude prices slid further, with the effects of gloomy growth projections only restrained by wariness of overselling while the US Gulf hurricane season persists and Pacific cyclones loom.US benchmark September WTI fell by $1.31/bl to $74.43/bl on 19 August, while Atlantic basin marker North Sea Dated held on to its premium, dropping by $1.88/bl to $74.80/bl. Atlantic basin crude prices were under pressure,with demand curtailed to both the west and east. In the US, onshore commercial crude and products stocks are at their highest ever levels, while Chinese demand growth appears to be faltering.