A fast-spreading coronavirus in China has sent shockwaves through global commodi...
Energy Transfer LP has brought U.S.-based employees back from Beijing.Short-term sales of crude oil and liquefied natural gas into China almost ground to a halt this week amid slowed economic activity and hurt demand and buyers pondered legal action to avoid having to honor purchase agreements, trade sources said.
China’s Sinopec Corp , Asia’s largest refiner, is cutting throughput this month by 600,000 bpd, around 12%, its steepest cut in over a decade, in response to slowing oil demand. Analysts predict China’s oil demand could fall by 250,000 bpd in the first quarter of 2020 with jet fuel taking the hardest hit as international airlines shun the country due to the virus.The coronavirus outbreak has caused many airlines to stop flights to parts of China, weakening demand for jet fuel. U.S. prices dropped to their lowest seasonally in five years, market participants said.
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