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#China, alongside #India, are the top two buyers of Iranian #crude #oil. The Chinese Foreign Ministry signaled last Wednesday (May 2) that it wasn't in support of the #US quitting the deal, but stopped short of criticizing any specific country.
The market will find ways to circumvent any sanctions, such as transferring supplies between floating storage, using barter trade, or not using U.S. banks. For instance, Iranian traders have the option of trading in Chinese yuan-denominated crude oil futures on the Shanghai International Energy Exchange - circumventing any restrictions on dollar-denominated trade and U.S. banks. What seems to be certain is that the market will look for ways to trade Iran oil even amid sanctions, particularly as Iranian oil prices are likely to fall and be discounted.
#Commodities #CommodityMarket #CommodityPrices #OilFutures #CrudeOil #CommoditiesTrading #OilIndustry #OilandGas #OilProduction #OilPrices #OilTrading #OilMarket #WTI #JCPOA
No matter what #Trump says on #Iran, China will probably ignore him
https://www.cnbc.com/2018/05/08/china-a-major-iran-oil-importer-would-resist-any-us-sanctions.html
The market will find ways to circumvent any sanctions, such as transferring supplies between floating storage, using barter trade, or not using U.S. banks. For instance, Iranian traders have the option of trading in Chinese yuan-denominated crude oil futures on the Shanghai International Energy Exchange - circumventing any restrictions on dollar-denominated trade and U.S. banks. What seems to be certain is that the market will look for ways to trade Iran oil even amid sanctions, particularly as Iranian oil prices are likely to fall and be discounted.
#Commodities #CommodityMarket #CommodityPrices #OilFutures #CrudeOil #CommoditiesTrading #OilIndustry #OilandGas #OilProduction #OilPrices #OilTrading #OilMarket #WTI #JCPOA
No matter what #Trump says on #Iran, China will probably ignore him
https://www.cnbc.com/2018/05/08/china-a-major-iran-oil-importer-would-resist-any-us-sanctions.html
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#Crude rebounded from earlier losses after U.S. President Donald #Trump withdrew from the Iranian nuclear accord and said new sanctions will be imposed on #OPEC’s third-biggest #oil producer. Futures pared losses to 2.4% in New York on Tuesday after earlier dipping more than 4%. Trump characterized the 2015 accord intended to halt #Iran’s quest for atomic weapons as a great 'embarrassment.' Sanctions lifted as part of that deal will be re-imposed after 180 days, according to the U.S. Treasury.
#WestTexasIntermediate oil for June delivery slid $1.67 to settle at $69.06 a barrel on the New York Mercantile Exchange. Total volume traded was about 70 percent above the 100-day average. A measure of oil market volatility climbed to the highest level in a week. #Brent for July settlement dropped $1.32 to end the session at $74.85 on the London-based ICE Futures Europe exchange.
#Commodities #CommodityMarket #CommodityPrices #OilFutures #CrudeOil #CommoditiesTrading #OilIndustry #OilandGas #OilProduction #OilPrices #OilTrading #OilMarket #WTI #JCPOA
Oil Rebounds as President Trump Withdraws From Iran Nuclear Deal
http://fortune.com/2018/05/08/oil-prices-trump-iran-nuclear-deal/
#WestTexasIntermediate oil for June delivery slid $1.67 to settle at $69.06 a barrel on the New York Mercantile Exchange. Total volume traded was about 70 percent above the 100-day average. A measure of oil market volatility climbed to the highest level in a week. #Brent for July settlement dropped $1.32 to end the session at $74.85 on the London-based ICE Futures Europe exchange.
#Commodities #CommodityMarket #CommodityPrices #OilFutures #CrudeOil #CommoditiesTrading #OilIndustry #OilandGas #OilProduction #OilPrices #OilTrading #OilMarket #WTI #JCPOA
Oil Rebounds as President Trump Withdraws From Iran Nuclear Deal
http://fortune.com/2018/05/08/oil-prices-trump-iran-nuclear-deal/
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#Crude #oil prices ended down about 2% on Tuesday (May 8), but off the lows for the day, after President Donald #Trump confirmed the #US will withdraw from the deal with #Iran to curb its nuclear program. Iran produces about 3.8 million barrels per day (bpd) and the country is the third-biggest producer among the #OPEC, behind Saudi Arabia and Iraq. Its production accounts for about 4% of the world’s oil supplies.
A majority of Iran’s exports currently go to #Asia, with #Europe receiving about 600,000 bpd. #Brent crude futures settled 1.7% lower at $74.85 a barrel while U.S.# WestTexasIntermediate (WTI) #crudefutures ended the session 2.4% lower at $69.06 per barrel. Trading volumes in both contracts rose, with about 1.2 million front-month WTI contracts changing hands, its busiest trading day since the OPEC agreement to cut output was struck on Nov. 30, 2016. More than 507,000 lots of front-month Brent crude futures changed hands, the highest since early February.
#Commodities #CommodityMarket #CommodityPrices #OilFutures #CrudeOil #CommoditiesTrading #OilIndustry #OilandGas #OilProduction #OilPrices #OilTrading #OilMarket #WTI #JCPOA
Oil recoups some losses after Trump pulls U.S. out of Iran nuclear deal
https://www.reuters.com/article/us-global-oil/oil-recoups-some-losses-after-trump-pulls-u-s-out-of-iran-nuclear-deal-idUSKBN1I902D
A majority of Iran’s exports currently go to #Asia, with #Europe receiving about 600,000 bpd. #Brent crude futures settled 1.7% lower at $74.85 a barrel while U.S.# WestTexasIntermediate (WTI) #crudefutures ended the session 2.4% lower at $69.06 per barrel. Trading volumes in both contracts rose, with about 1.2 million front-month WTI contracts changing hands, its busiest trading day since the OPEC agreement to cut output was struck on Nov. 30, 2016. More than 507,000 lots of front-month Brent crude futures changed hands, the highest since early February.
#Commodities #CommodityMarket #CommodityPrices #OilFutures #CrudeOil #CommoditiesTrading #OilIndustry #OilandGas #OilProduction #OilPrices #OilTrading #OilMarket #WTI #JCPOA
Oil recoups some losses after Trump pulls U.S. out of Iran nuclear deal
https://www.reuters.com/article/us-global-oil/oil-recoups-some-losses-after-trump-pulls-u-s-out-of-iran-nuclear-deal-idUSKBN1I902D
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#Govt Sources - Risk Of Global #Crude Price Remaining High For A Longer Period Has Increased
http://ow.ly/TbSA30jUn0h
http://ow.ly/TbSA30jUn0h
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Free Commodity Tips| MCX Will Start Options In Crude Oil From May 15
equityandcommodityexpert.blogspot.in
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US WTI #Crude futures rose $1.01, or 1.5 per cent, to settle at $70.73 a barrel. https://bit.ly/2Gg5XGj
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#Sinopec, Asia’s largest refiner, plans to cut the volume of Saudi #crude #oil it loads in June by 40% for a second month, after the price of the kingdom’s key grade rose to a near 4-year high. Saudi crude remains overvalued compared with other Middle East grades.
It is not clear if Unipec can cut the volumes by 40% without paying a penalty. Crude contracts with state-owned #SaudiAramco are normally done on a take-or-pay basis, with adjustments allowed only in a plus or minus 10% range. Companies that increased Saudi crude imports include #PetroChina, #CNOOC and China North Industries Group Corp (Norinco), which all brought new refining capacity online in H2 of 2017.
#Commodities #CommodityMarket #CommodityPrices #OilFutures #CrudeOil #CommoditiesTrading #OilIndustry #OilandGas #OilProduction #OilPrices #OilTrading #OilMarket #SaudiArabia
China's Sinopec plans to cut Saudi crude oil volumes for second month in June
https://www.reuters.com/article/us-saudi-oil-sinopec-corp/chinas-sinopec-plans-to-cut-saudi-crude-oil-volumes-for-second-month-in-june-idUSKBN1I40WL
It is not clear if Unipec can cut the volumes by 40% without paying a penalty. Crude contracts with state-owned #SaudiAramco are normally done on a take-or-pay basis, with adjustments allowed only in a plus or minus 10% range. Companies that increased Saudi crude imports include #PetroChina, #CNOOC and China North Industries Group Corp (Norinco), which all brought new refining capacity online in H2 of 2017.
#Commodities #CommodityMarket #CommodityPrices #OilFutures #CrudeOil #CommoditiesTrading #OilIndustry #OilandGas #OilProduction #OilPrices #OilTrading #OilMarket #SaudiArabia
China's Sinopec plans to cut Saudi crude oil volumes for second month in June
https://www.reuters.com/article/us-saudi-oil-sinopec-corp/chinas-sinopec-plans-to-cut-saudi-crude-oil-volumes-for-second-month-in-june-idUSKBN1I40WL
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