Crude Oil Futures

China's Manufacturing Purchasing Managers' Index, best known as the  PMI, fell again in May, according to the latest data released by China's National Bureau of Statistics. This is is the fourth successive drop since February this year. China says an index of the  PMI below its threshold, 50%, is a downturn in its manufacturing activities. That means, the activities have been down for four successive months, despite recording a substantial growth at the beginning of the year. In response, understandably, the price of crude oil dropped significantly in the commodity markets on Wednesday.   Crude oil prices - 31 May 2023 As of 10:45 GMT, the prices of WTI and Brent were $68.97 and $72.96 respectively. The price of LNG, liquified natural gas, was at $2.36. The falling PMI means the manufacturing activities in the world's second largest economy remain a concern at many different economic levels. The consumption of oil, for instance, may go down in proportion to the shrinkin

  As the bipartisan discussions on the US debt ceiling appeared to have averted an impasse, the impact of yet another unexpected development on the energy markets drifts slowly into oblivion in proportion to the diminishing danger that could otherwise have wreaked havoc in the global economy. Both President Biden and Kevin McCarthy, the Leader of the House, sounded conciliatory last week and compromises made are being defended on the grounds of doing it for the sake of the 'country'. Both sides, however, are struggling to sell the details of the agreement to the rank and file - and of course, to the ideologically stubborn elements of the respective party hierarchies.    At the beginning of the last week, the situation seemed grim with a potential default being likely; as an inevitable outcome, the US could have lost its credit rating too. Political analysts believe it is all history now, much to the relief of many economists and policymakers. The positive news that emerges from