· China’s June crude imports from Iran up 38% y/y
China’s crude oil imports from Iran expanded 38% in June from a year ago. China, Tehran’s largest oil client, began stepping up purchases from the OPEC member after a preliminary nuclear deal in November of last year eased some sanctions on Iran. China has been making up the main portion of Asia’s higher Iranian oil imports since then.
· Big funds slash oil bets by nearly $6 BLN in biggest exodus
Big speculators closed out nearly $ billion worth of bullish bets in U.S. crude oil markets in the week to July 15, according to regulatory data release on Friday that confirmed the biggest four-week fund exodus on record.
· Iran warned of “ last chance” in nuclear talks after deadline missed
Iran faced Western pressure on Sunday to make concessions over its atomic activities after it and six world powers failed to meet a July 20th deadline for a deal to end the decade-old dispute but agreed to keep talking. Germany – one of the major powers trying to persuade Iran to curb its nuclear program – warned that the extended talks might be the last chance for a long time to reach a peaceful solution.
Crude prices dropped on Friday as investors took profit on crudes first weekly gain in a month. Last week’s focus was on increased global risk premiums with the shot down of a Malaysian plane over Ukraine and Israeli forces offensive into Gaza.
» Click here for prices
DISCLAIMER: Please note that the information provided hereby merely contains observations and forward-looking expectations which are subject to risk and uncertaninties related to financial and market conditions in relevant markets and may otherwise be subject to change. The purpose of this information is to share insight, which has been reported through common sources or our network. Wilhelmsen Marine Fuels undertakes no liability and makes no represenatation or warranty for the information and expectations given in this information or for the consequences of any actions taken on the basis of the information provided.