# Steady oil price belies weakening physical market | Financial Post

> 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.

- Date: 2020-08-24 · published 2020-08-24T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/51807-steady-oil-price-belies-weakening-physical-market-financial-post
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A contango market and slowing Chinese demand point to ample near-term crude supply, which keeps energy input costs under pressure for feed producers.

## Read by commodity

- BRENT: bearish ▼

## Sources

- financialpost.com: https://financialpost.com/pmn/business-pmn/steady-oil-price-belies-weakening-physical-market

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.