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Crude Oil Lower; Recession Fears Weigh on Demand Growth

By Peter Nurse    AiVIF.com -- Oil prices weakened Thursday on fears recession, prolonged Covid-19 lockdowns in China and war in eastern Europe will severely hit global...
Crude Oil Lower; Recession Fears Weigh on Demand Growth © Reuters.

By Peter Nurse   

AiVIF.com -- Oil prices weakened Thursday on fears recession, prolonged Covid-19 lockdowns in China and war in eastern Europe will severely hit global demand.

By 9:10 AM ET (1310 GMT), U.S. crude futures traded 0.6% lower at $105.11 a barrel, while the Brent contract fell 1% to $106.44 a barrel. 

Oil prices are under pressure this week amid worries that rising interest rates to combat inflation will severely curtail global economic growth, potentially plunging some regions into recession.

Gross domestic product data, released earlier Thursday, showed the British economy grew less than expected in the first quarter, by 0.8%, with preliminary data suggesting that it actually declined in March by 0.1%. 

The U.K. is the first of the G7 countries to release its first quarter GDP data, and offers a worrying guide for the numbers from other countries in the days ahead.

Prolonged COVID-19 lockdowns in the world's top crude importer, China, as well as the strongest U.S. dollar in two decades have also impacted the market.

With this in mind, the Organization of Petroleum Exporting Countries cut its forecast for world oil demand this year in its monthly report for May.

The group of top producers now expects global demand to grow by an average of only 3.4 million barrels a day this year, down from a prior estimate of 3.7 million b/d. That masks a dramatic slowdown in growth between the first and the second quarters of this year - while first-quarter demand was up 5.2 million b/d, demand growth is expected to fall to 2.8 million b/d in the current quarter. 

The International Energy Agency also released its monthly report earlier Thursday, and while the Paris-based group rowed back on its previous claim that lower output from sanctions-hit Russia could result in a possible "global supply shock", it still warned about a hit to demand.

"Soaring pump prices and slowing economic growth are expected to significantly curb the demand recovery through the remainder of the year and into 2023," the IEA said.

"Extended lockdowns across China ... are driving a significant slowdown in the world’s second largest oil consumer," the agency added.

Turning to supply, the European Union has yet to agree on the details of the proposed embargo on Russian oil, with Hungary opposing the ban, and preventing unanimous agreement, because of its dependence on supply from Moscow.

“The Hungarians have said that they would only support the ban if there is an exemption for Russian pipeline oil flows,” analysts at ING wrote in a note. “If we were to see this, it would significantly water down the impact of the ban, given that the Druzhba pipeline flows amount to somewhere in the region of 1MMbbls/d, which is a significant portion of the roughly 2.3MMbbls/d of crude oil that the EU imported from Russia in 2021.”

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23-05-2022 12:55:10 (UTC+7)

EUR/USD

1.0605

+0.0045 (+0.43%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (1)

EUR/USD

1.0605

+0.0045 (+0.43%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (1)

GBP/USD

1.2564

+0.0077 (+0.62%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (1)

USD/JPY

127.75

-0.10 (-0.07%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

AUD/USD

0.7121

+0.0088 (+1.24%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (5)

Sell (0)

USD/CAD

1.2788

-0.0048 (-0.37%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

EUR/JPY

135.48

+0.47 (+0.34%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

EUR/CHF

1.0306

+0.0010 (+0.10%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (8)

Sell (2)

Gold Futures

1,855.85

+13.75 (+0.75%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (11)

Sell (0)

Silver Futures

22.001

+0.327 (+1.51%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

Copper Futures

4.3205

+0.0163 (+0.38%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Crude Oil WTI Futures

111.30

+1.02 (+0.92%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (6)

Sell (0)

Brent Oil Futures

111.12

+1.13 (+1.03%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

Natural Gas Futures

8.207

-0.193 (-2.30%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

US Coffee C Futures

216.48

-2.22 (-1.02%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

Euro Stoxx 50

3,657.03

+16.48 (+0.45%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (9)

Sell (1)

S&P 500

3,901.36

+0.57 (+0.01%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

DAX

13,981.91

+99.61 (+0.72%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (8)

Sell (0)

FTSE 100

7,389.98

+87.24 (+1.19%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (7)

Sell (2)

Hang Seng

20,525.00

-192.24 (-0.93%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

US Small Cap 2000

1,773.27

-2.96 (-0.17%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (7)

Sell (1)

IBEX 35

8,484.50

+78.50 (+0.93%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (5)

Sell (2)

BASF SE NA O.N.

48.850

-0.010 (-0.02%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (6)

Sell (1)

Bayer AG NA

63.74

+0.34 (+0.54%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (6)

Sell (2)

Allianz SE VNA O.N.

195.58

+0.78 (+0.40%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (8)

Sell (0)

Adidas AG

172.80

+0.92 (+0.54%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (7)

Sell (1)

Deutsche Lufthansa AG

6.852

+0.049 (+0.72%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (5)

Siemens AG Class N

115.08

+2.62 (+2.33%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (4)

Sell (4)

Deutsche Bank AG

9.362

-0.130 (-1.37%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (8)

Sell (1)

    EUR/USD 1.0605 ↑ Buy  
    GBP/USD 1.2564 ↑ Buy  
    USD/JPY 127.75 ↑ Buy  
    AUD/USD 0.7121 ↑ Buy  
    USD/CAD 1.2788 ↑ Sell  
    EUR/JPY 135.48 ↑ Buy  
    EUR/CHF 1.0306 ↑ Buy  
    Gold 1,855.85 ↑ Buy  
    Silver 22.001 ↑ Buy  
    Copper 4.3205 ↑ Buy  
    Crude Oil WTI 111.30 ↑ Buy  
    Brent Oil 111.12 ↑ Buy  
    Natural Gas 8.207 ↑ Buy  
    US Coffee C 216.48 ↑ Buy  
    Euro Stoxx 50 3,657.03 ↑ Buy  
    S&P 500 3,901.36 ↑ Buy  
    DAX 13,981.91 Buy  
    FTSE 100 7,389.98 Neutral  
    Hang Seng 20,525.00 ↑ Buy  
    Small Cap 2000 1,773.27 ↑ Buy  
    IBEX 35 8,484.50 Neutral  
    BASF 48.850 Buy  
    Bayer 63.74 Buy  
    Allianz 195.58 Buy  
    Adidas 172.80 Buy  
    Lufthansa 6.852 ↑ Sell  
    Siemens AG 115.08 Neutral  
    Deutsche Bank AG 9.362 Buy  
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,880/ 6,980
(5/ 5) # 1,764
SJC HCM6,895/ 6,985
(0/ 0) # 1,770
SJC Hanoi6,895/ 6,987
(0/ 0) # 1,772
SJC Danang6,895/ 6,987
(0/ 0) # 1,772
SJC Nhatrang6,895/ 6,987
(0/ 0) # 1,772
SJC Cantho6,895/ 6,987
(0/ 0) # 1,772
Cập nhật 23-05-2022 12:55:12
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ↀ Giá vàng thế giới
$1,857.24 +11.42 0.62%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩm Vùng 1 Vùng 2
RON 95-V30.58031.190
RON 95-III29.98030.570
E5 RON 92-II28.95029.520
DO 0.05S26.65027.180
DO 0,001S-V27.45027.990
Dầu hỏa 2-K25.16025.660
ↂ Giá dầu thô thế giới
WTI $110.69 -0.99 -0.90%
Brent $111.50 -0.96 -0.87%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.005,0023.315,00
EUR23.899,8625.238,69
GBP28.277,1029.483,51
JPY176,47186,83
KRW15,8019,25
Cập nhật lúc 12:53:28 23/05/2022
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