China to Buy $52 Billion of Additional U.S. Energy Products

Oil Price Fundamental Daily Forecast – 2019 China Imports Rise 9.5

Oil traded near a six-week low after a report indicated American crude stockpiles increased, while signs that trade tensions between the USA and China haven't gone away damped investor sentiment. It didn't provide additional details on the energy purchases, which comprise about a quarter of the $200 billion total of extra imports that China has committed to.

Most U.S. agricultural markets weakened Wednesday, with traders saying they need to see actual evidence of increases in shipments for prices to make substantial gains. This year, EIA sees US crude oil production averaging 13.3 million bpd, while the average American crude oil production will be 13.7 million bpd in 2021, with the Permian accounting for most of the growth.

Shares of Cheniere Energy Inc., the largest U.S. LNG exporter, rose as much as 2.6% in NY trading as the broader equities market gained, while rival Tellurian Inc. was up as much as 2.7%. The gauge added 0.1 per cent on Thursday as oil and gas rallied, but soya beans, cotton and corn kept falling.

U.S. oil exports to China have also slumped because of the trade war.

Wiggles singer Greg Page collapses on stage at Australia fires relief concert
Tonight's 18+ concert was the first of two planned with the original Wiggles line up, with another scheduled for Saturday night. The Wiggles' star Greg Page (Yellow Wiggle ) was rushed to the hospital after collapsing during a performance.

Despite losing one of its top customers, US oil exports have remained steady as countries including the United Kingdom and South Korea took more.

"While China's phase-one commitments are welcomed, US pork exports continue to be suppressed because of the country's 60 per cent punitive tariffs", National Pork Producers Council President David Herring said in a statement. The Asian nation, the world's fastest-growing buyer of the heating and power-plant fuel, hasn't imported any American cargoes for months. The U.S. shipped about $128 million of coal to China past year through November, according to U.S. Census Bureau data.

In 2019 Chinese refineries processed 651.98 million tonnes of crude oil, equal to a record high 13.04 million barrels per day (bpd) and up 7.6% from 2018, government data showed.

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