- Oil extends losses amid weak Chinese economic data and concerns about an economic slowdown
- June ’23 WTI lost $1.65 today morning to trade around $75.13
- China’s manufacturing activity unexpectedly contracted in April, emphasizing an unevenness in the nation’s crude demand recovery
- Additionally, China will observe a Labor Day holiday until Wednesday, with consumer expenditures and travel being monitored for additional signals of demand recovery
- The market awaits this week’s Fed meeting (May 2-3), with most expecting the Fed to deliver another rate hike
- The U.S. dollar strengthened relative to its recent highs, making dollar-denominated commodities more expensive for buyers holding other currencies
- Russian diesel exports set to decline sharply in May (BBG)
- Russia's seaborne diesel exports from key western ports are expected to drop significantly in May due to spring refinery maintenance
- May's planned diesel shipments are considerably below the seasonal average, hinting at the impact of Russia's oil production cuts
- Diesel export volumes from Russian ports in the Black and Baltic Seas are set to fall to 0.4 MMBbl/d in May, a 32% decline from April's daily loading plans