{"id":46652,"date":"2014-01-23T07:22:56","date_gmt":"2014-01-23T12:22:56","guid":{"rendered":"http:\/\/countingpips.com\/forex-news\/?p=46652"},"modified":"2014-01-23T07:22:56","modified_gmt":"2014-01-23T12:22:56","slug":"crude-oil-drops-on-weak-china-manufacturing-data","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex-news\/2014\/01\/23\/crude-oil-drops-on-weak-china-manufacturing-data\/","title":{"rendered":"Crude Oil Drops on Weak China Manufacturing Data"},"content":{"rendered":"

By HY Markets Forex Blog<\/a><\/u><\/strong> <\/p>\n

Crude prices fell during Asian trading hours on Thursday, dropping for the first time in four days amid speculation fuel demand from China will slowdown, following the release of the downbeat manufacturing data from China.<\/p>\n

The North American West Texas Intermediate for March delivery lost 0.04% to $96.70 per barrel on the New York Mercantile Exchange at the time of writing. While Brent for March settlement slid 0.24% low, trading at $108.02 per barrel on the ICE Futures Europe exchange at the same time. The European Benchmark crude stood at $11.36 premium to WTI.<\/span><\/p>\n

Crude – China<\/span><\/h2>\n

China\u2019s PMI for January came in lower than expected, standing at 49.6, data from HSBC Holding PLC and Markit Economics confirmed. Dropping below the previous month\u2019s flash reading of 50.5 and down from analysts forecast of 50.3; a reading below the 50-mark indicates contraction.<\/p>\n

The downbeat manufacturing data reveals demand for crude from the world\u2019s second biggest economy will slow.<\/p>\n

\u201cWeaker PMI will translate to slowing China oil demand,\u201d said Gordon Kwan\u00a0, the regional head of oil and gas research at Nomura Holdings Inc. in\u00a0Hong Kong \u201cExpect\u00a0oil prices\u00a0to drift much lower after the \u2018U.S. Arctic Express\u2019 cold weather departure.\u201d<\/p>\n

Crude – US Stockpiles<\/span><\/h2>\n

In the US, crude stockpiles rose by 4.86 million barrels in the week ended January 17, according to the report released by the American Petroleum Institute (API). The report was delayed due to the Martin Luther King Jr. Day holiday in the US.<\/p>\n

Distillate stockpiles, including heating oil and diesel declined by 2.29 million barrels last week, reports from API confirmed.<\/p>\n

Stockpiles report from the Energy Information Administration (EIA) is expected to be released later in the day.<\/p>\n

 <\/p>\n

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The post Crude Oil Drops on Weak China Manufacturing Data<\/a> appeared first on | HY Markets Official blog<\/a>.<\/p>\n

Article provided by HY Markets Forex Blog<\/a><\/u><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

By HY Markets Forex Blog Crude prices fell during Asian trading hours on Thursday, dropping for the first time in four days amid speculation fuel demand from China will slowdown, following the release of the downbeat manufacturing data from China. The North American West Texas Intermediate for March delivery lost 0.04% to $96.70 per barrel … <\/p>\n

Continue reading “Crude Oil Drops on Weak China Manufacturing Data”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-46652","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts\/46652","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/comments?post=46652"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts\/46652\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/media?parent=46652"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/categories?post=46652"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/tags?post=46652"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}