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The Energy Report
The Chinese Oil Demand Teaser
Wed, Sep 23 2009, 06:47 GMT
by Phil Flynn
Alaron | View company's profile
One day China’s oil demand is bad and the next, good. Welcome to another mystery from The Middle Kingdom. Yesterday oil prices were pressured on reports of bulging inventories in China and weak demand. Platts reported that Chinese oil demand in August slid 5.4% from July. Platts said that China's implied oil demand totaled 33.02 million metric tons in August versus 34.92 million metric tons in July. Oil refiners in China are reporting that demand is still weak. Reuter’s news reported that Chinese oil company Sinopec had sales of refined oil products still lower than one year ago. Reuters says that despite a moderate inventory draw in August, China's diesel inventories had been building up faster than gasoline had in past months, reflecting the slower consumption for the main transportation fuel used by Chinese industry and trucks.
Of course that was yesterday. Today oil is getting a boost on a report that China oil imports are the second highest ever. Chinese oil imports increased by 8 percent to 17.92 million metric tons giving oil bulls hope that demand in China is not as bad as feared after yesterday.
The truth is that China’s oil demand is largely dependent on the strength of the dollar. The weak dollar has encouraged China to import more oil than they need. At the same time, it has the added benefit to hedge China’s massive bond and dollar holdings. If the dollar increases in global value, China will not need to purchase as much is the short run as supplies are plentiful. The bottom line is: it will not be China that drives the next move in oil, it will be the Fed.
Loyal Energy Report readers! Sign up for my Thursday webinar. This will be a great opportunity to access the oil market in a post Fed and G20 world.
All are welcome. And of course as always see me each day on the Fox Business Network. And have you checked out all of the services that PFGBest can offer? Just call me at 800-935-6487 or email me at pflynn@pfgbest.com to find out and to open your account!
Sell November crude at 7378 - stop 7500.
Sell November heating oil at 18800 - stop 18900.
Sell November RBOB 18500 - stop 18700.
Stopped on short November natural gas from apprx 477 at apprx 460!!!
Published on Wed, Sep 23 2009, 06:48 GMT
Alaron Futures and Options
http://www.alaron.com | info@alaron.com
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Legal disclaimer and risk disclosure
Legal disclaimer and risk disclosure: Alaron Futures and Options, Futures Commission Merchant (FCM), specializes in futures, futures options, and cash metals through Alaron for Retail, Introducing Brokers (IB's) and Institutions. Alaron offers broker-assisted, single stock futures, discount, Simulated Trading, managed futures, access to several state-of-the art online trading platforms and systems trading. Trade online 24 hours a day! Direct-to-the market trading of E-Minis, Bonds and Notes, Single Stock Futures, Liffe, Eurex, Simex and more. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. Alaron Trading Corp., its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.Related reports
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