Showing posts from April 30, 2023

China's Manufacturing PMI tumbles in April unexpectedly: crude oil markets react

Image From time to time, we have been asked by experts in many different fields not to put all our eggs in one basket. Agreed and followed up to the letter.  The investors and economists in the realm of oil and gas, however, have been deviating from the well-hackneyed, golden rule in recent months by doing just the polar opposite: they have been pinning their hopes on one key player - and its economy for that matter - that is China. As China released its latest Manufacturing Purchasing Managers' PMI data for April two days ago, it was disappointing for the crude oil markets in particular and the global economy in general. It has fallen from 51.9% in March to 49.2% in April, recording a significant drop.  Since the index in question has been falling for three successive months, analysts take the trend seriously, especially at a time that everyone thought China turned around its economic activities by putting its Covid-19 saga behind. The positive sentiment was suppo

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