Oil market outlook influenced by supply disruptions and demand concerns, with wildfires in Canada and China

From Investing.com: 2024-07-19 07:22:00

Oil prices remain rangebound due to concerns about Chinese demand and supply risks from wildfires in Canada. Wildfires in Alberta threaten oil sands output, with over 130 fires burning and 500k b/d of oil supply at risk. Slovakia and Hungary halt pipeline oil from Lukoil due to Ukraine transit ban. US LNG export facility Freeport LNG faces supply disruptions post-Hurricane Beryl. EIA reports US natural gas inventories increasing by 10Bcf.

Global wheat-ending stocks forecast to increase to 269mt, corn ending stock estimates reduced to 278mt. Ghana cocoa production drops by 34.6% YoY to 429.3kt due to adverse weather conditions, diseases, and smuggling. China’s wheat imports surge 44.4% YoY in June. US weekly grain export sales show strong corn shipments at 923.5kt and wheat shipments at 578.5kt.



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