Chinese data pressure prices

摘要

Fresh economic data showing lower growth in China hit crude prices. US benchmark WTI was down by $3.56/bl to $72.95/bl, while Atlantic basin marker North Sea Dated fell by S3.26/M to S72.10/M. Mediterranean demand buoyed premiums to North Sea Dated for light sweet Nigerian crudes for August loading. But US demand for Nigerian crudes is weak despite its competitiveness relative to Mediterranean grades such as Caspian BTC Blend, which has strengthened recently.