VIENNA (DTN) — Prices for expiring crude oil futures on the New York Mercantile Exchange and Brent crude oil futures on the Intercontinental Exchange continued to fall on Tuesday morning, seemingly unconcerned with the upbeat macroeconomic indicators released early Tuesday. .
The preliminary Eurozone Purchasing Managers' Economic Index for April, released by S&P Global, showed steady growth for the first time since June last year. Last month's composite PMI signaled a recovery, barely breaking the 50-point mark that separates growth from contraction. However, the better-than-expected numbers were not the result of a recovery in manufacturing, but were driven by strong growth in services. The manufacturing PMI in April fell for the third straight month to 45.6, 0.5 points below March and the lowest level since December, amplifying concerns about demand near the mid-barrel.
The U.S. manufacturing sector fell into a similar rut last year, but is showing signs of improvement in 2024. January's S&P Global U.S. Manufacturing PMI ended a four-month streak of below 50, and February's index and March both feel solidly in growth territory. The preliminary U.S. manufacturing PMI for April is scheduled to be released at 9:45 a.m. Eastern Daylight Time.
Near 8 a.m. EDT, West Texas Intermediate futures for June delivery were down $0.61 to trade around 81.29 barrels, and Brent June delivery was down $0.60 at 86.40 barrels. . RBOB for May delivery fell $0.0236 to 2.6618 gallons, and ULSD for May delivery fell $0.0214 to 2.5390 gallons.
Karim Bastati can be reached at karim.bastati@dtn.com.
