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Oil held near $45 a barrel, but forward prices and physical market spreads showed new weakness, with Brent's contango at its widest since late May. The weakness reflects slowing Chinese buying after its earlier stockpiling, and about 90 million barrels remain in floating storage off China.
A contango market and slowing Chinese demand point to ample near-term crude supply, which keeps energy input costs under pressure for feed producers.
financialpost.comReutersAug 24, 2020Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
