Tag: gasoline

Brazil May Take its Cold-Rolled Steel Dumping Case to the WTO

Brazil May Take its Cold-Rolled Steel Dumping Case to the WTO

Brazil is considering its options to fight the recent heavy U.S. anti-dumping tariffs on it over cold-rolled steel imports. Hedge funds have turned bearish on oil, encompassing both crude and refined products.

Brazil Might Take Cold-Rolled Dumping Case to the WTO

Brazil will wait for the U.S. International Trade Commission to rule on a Department of Commerce anti-dumping determination on its cold-rolled steel before appealing to the World Trade Organization, a senior Brazilian official said on Monday.

Two-Month Trial: Metal Buying Outlook

The Commerce Department said last week that Brazilian cold-rolled steel was being subsidized by seven export promotion programs in Brazil and passed its anti-dumping determination to the ITC to rule whether there is injury to U.S. producers.

Hedge Funds Turn Bearish on Oil

Hedge funds have turned very bearish toward both crude oil and refined products over the last two months amid signs of an oversupply of gasoline.

Free Download: The July 2016 MMI Report

Hedge funds and other money managers added the equivalent of 56 million barrels of extra short positions in the three main Brent Crude and West Texas Intermediate futures and options contracts in the week ending July 26.

Oil Rebound Threatened by Gasoline Glut; Steel Imports Up

Oil Rebound Threatened by Gasoline Glut; Steel Imports Up

Steel imports into the U.S. were up in March while a glut of oil and gasoline production in Asia threatens the recent price rally.

Gasoline Glut In Asia

A rebound in oil prices this year from 12-year lows is in danger of coming to a crashing halt soon.

Free Download: The April 2016 MMI Report

The main engine of global demand growth for the past several years, Asian demand, starts to sputter amid signs of a gasoline glut in both Japan and China.

Steel Imports Into the U.S. Up in March

Based on preliminary Census Bureau data, the American Iron and Steel Institute reported recently that the U.S. imported a total of 2.5 million net tons (nt) of steel in March 2016, including 2.097 million nt of finished steel (up 12.9% and down 0.1%, respectively, vs. February final data).

Two-Month Trial: Metal Buying Outlook

On the year-to-date, through three months of 2016 total and finished steel imports are 7.49 million and 6.424 million nt, down 36% and 34% respectively, vs. the same period in 2015. Annualized total and finished steel imports in 2016 would be 30 and 25.7 million nt, down 23% and 18% respectively vs. 2015. Finished steel import market share was an estimated 24% in March and is estimated at 25% YTD.

Chart of the Week: Gasoline Sales Into US Markets Up Most Since ’88

In the first 6 months of 2015, US gasoline consumption rose at the fastest rate since 1985 – another occasion on which the real price of oil halved over 12 months and stimulated demand. Not surprisingly, prime supplier gasoline sales/deliveries into US local markets are up the most over the prior year since 1988 as well. Source: Thomson Reuters.

It’s a Great Time to Buy Gasoline, and It Might Get Even Better

Calls by the industry to relax the ban on oil exports enacted during the Arab oil embargo in the 1970s are being fiercely resisted by consumers and many of their congressmen.

FREE Download: The Monthly MMI® Report – price trends for 10 metal markets.

The fear is that without access to higher global prices the domestic price of crude could drop so low that tight oil supply becomes uneconomic and investment not only dries up but even active wells are idled – a boom to bust scenario the industry feels can only be avoided by producers being able to access higher global prices.

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