Crude Oil

The record volume of U.S. Crude Oil is now arriving in Asia. However, it's not enough to compensate for the cargo losses caused by the effective closure of the Strait of Hormuz. Asia's imports from the U.S. of crude oil were 63.56 millions barrels, which was the highest for a single month. However, at 2,05 million barrels per a day (bpd), they were only slightly behind the 2.07 million bpd in June 20223. Kpler has tracked arrivals of 2,32 million bpd for June and 3,07 million bpd for July. The average import of U.S. Crude by Asia in the three-month...

The AI boom drove demand on Monday, while news of new?attacks? in the Gulf tempered optimism for a reopening of Strait of Hormuz. This pushed up oil prices. Iran and the United States both claimed to have carried out military strikes, accusing each other of aggressive behavior as diplomatic efforts continue to try and end the three-month war. Donald Trump, the U.S. president, had been quiet about their progress before he posted that everyone should just "sit back and relax". On Saturday, Defense secretary Pete Hegseth stated that the U.S. would be ready to resume attacks against Iran if an...

What's important in the U.S. market and globally today by Mike Dolan, Editor at Large, Finance and Markets The same obsessions with the market continue in a new month. Iran and AI are still competing for the attention of investors, but AI is currently winning. The momentum from last week looks to be continuing into Monday. Below, I'll explain more. Listen to the latest episode of the Morning Bid Daily Podcast. Subscribe to the Morning Bid daily podcast and hear 'journalists' discuss the latest news in finance and markets seven days a weeks. AI AND 1984 The U.S. and Iran...

Asian share markets continued their bull run on Monday as the AI boom drove demand. This was offset by news of new attacks in the Gulf, which shook the optimism for a reopening of the Strait of Hormuz. Oil prices rose. As?negotiators in Washington and Tehran work to reach a 'deal,' the U.S. Donald Trump was silent about their progress, until he posted that everyone should just "sit back and relax". On Saturday, Defense secretary Pete Hegseth stated that the U.S. would be ready to resume attacks against Iran if an agreement could not come about. In fact, it was...

Wayne Cole gives us a look at what the future holds for European and global markets. Investors seem to be deciding that no news is better than bad news in regards to the Gulf peace negotiations. The President had stated that he would be meeting on Friday last week to decide whether to sign off an extension of the ceasefire. Since then, there has been no news, apart from Trump comparing himself to Elvis. Hegseth, the Defence Secretary, did say that if an agreement was not reached on a deal suitable for Iran then the U.S. might restart its attacks....

The Asian share market rose on Monday, as the 'boom in AI and all things AI' continued to drive demand. This offset a lack of progress made in Gulf peace talks that shook optimism about a reopening of the Strait of Hormuz. Oil prices also rose. Although negotiators from Washington and Tehran appear to be working on a deal, Donald Trump has remained silent about their progress. Pete Hegseth, the Defense Secretary, said on Saturday that the U.S. is ready to resume attacks against Iran if no deal can be reached. Israeli advances into Lebanon to fight the Iranian-backed Hezbollah...

Oil futures saw their biggest weekly drop in almost two months on Friday as traders awaited details about a possible deal to reopen the Strait of Hormuz, and extend U.S. and Iran's ceasefire. U.S. sources claim that Iran and the U.S. have reached an agreement on lifting shipping restrictions and extending their ceasefire. However, President Donald Trump is yet to sign off and Iranian state media has not confirmed this. S&P 500 Futures were steady in the Asia session after the index closed at a record high overnight. Brent crude futures dropped about $1 per barrel to $92.69, a drop...

Oil futures saw their steepest weekly drop in nearly two months on Friday as traders waited to hear more about a possible deal that would reopen the Strait?Hormuz, and extend the U.S.Iran ceasefire. Sources have told?that U.S.-Iran has reached an agreement to?extend the ceasefire and lift shipping restrictions, although U.S. president Donald Trump is yet to approve and Iranian state media stated that it was not finalised. S&P futures were unchanged in Asia's morning after the index closed at a record high overnight. Brent crude futures dropped about 50 cents per barrel to $93.17, a drop of over 10% for...

Prices of oil futures were slightly lower on the hope that a 'potential' deal would be reached to extend a U.S. - Iran?ceasefire. However, remarks by Vice President JDVance that they are "close" but "not quite there" yet kept prices at a minimum. Brent crude futures expiring on Friday were down 35 cents or 0.37% at $93.36 per barrel as of 0105 GMT. U.S. Oil Futures dropped 63 cents or 0.71% to $88.27 per barrel. Brent futures for August, the most actively traded, fell 46 cents or 0.50% to $92.24 Brent crude oil prices were down by more than 8%...

The Australian Competition Watchdog announced on Friday it had taken legal action against Amazon Australia, alleging that the local unit violated product safety labelling laws in relation to child's backpacks. According to the Australian Competition and Consumer Commission, the company has been accused of selling "Unicorn Toddler Backpacks", which did not meet the safety standards required for button batteries. The ACCC claims that backpacks were held in Amazon Commercial Services fulfilment centers in Australia between June 22,?and November 1,?2022 without the required warning label on either the?products or their outer packaging. ACCC said in a statement that "Unicorn Toddler Backpacks",...

The Energy Information Administration reported on Thursday that U.S. distillate fuel oil stocks sank to a 23-year low last week as the Iran War continues to choke off global fuel supplies, and increase demand for U.S. petroleum products and crude. Stockpiles of distillates, including diesel and heating oil in the?country, dropped by?2.1m barrels during the week ending May 22, to a total of?100.8m barrels. This is the lowest level since May 2003. Analysts expected a drop of 1.02 million barrels. We'll continue to see U.S. "We're going to continue to see?U.S. Since the Strait of Hormuz was closed, which blocked...

The price of copper rebounded Thursday, following a'report that the U.S.A. and Iran had'reached an agreement to extend their ceasefire. It also followed news about a 'fresh effort by China, a top metals consumer to boost its economy. The report by Axios that President Donald Trump must still approve the deal was not immediately confirmed. The London Metal Exchange's three-month copper gained 1.2% at 1600 GMT to reach $13,696 per metric ton after falling to its lowest price since May 21 (at $13,464). Prices had risen earlier from their intra-day lows after sources reported that the 'China Central Bank' has...

Iran's energy boom may mask a larger inflation concern. AI prices are rising, and this boom will outlast any Gulf hiatus. Not least the major central banks are watching the crude price fluctuations around the Iran conflict to see how it will affect the cost of living. The AI investment frenzy has also been fueling a flurry of factory activity, a rise in construction, and a possible increase in prices. The massive business investment expenditure is expected to reach trillions of dollars in the future. Already, it is affecting company earnings, stock prices and projections, as well the aggregate GDP....

Investors regained their footing on Tuesday in unsteady trades as they brushed aside doubts regarding the durability of a Middle East ceasefire and opted to return to AI-based plays. MSCI's broadest Asia-Pacific share index outside Japan rose 0.4%, after trading began. The index fluctuated between gains and losses. Korean shares fell as much as 3,3%, despite an initial higher opening. Gains in China and Hong Kong helped stabilize the regional benchmark. S&P 500 futures fell 0.3% while the Nikkei225 in Japan dropped 0.7%. "This is not a revaluation of the AI market; it's a profit-taking following a blistering-fast run," said...

Shanghai copper prices rose on Friday. They are on track to reach a'second consecutive monthly increase, as the hopes of a U.S. - Iran 'peace deal' pushed down oil prices and dollar, easing concerns of a higher inflation? and a global sluggishness that could crimp a lowering of demand for a metal. As of 0520 GMT, the most traded copper contract at the Shanghai Futures Exchange had risen 0.9% to 104,940 Yuan ($15 478.45). The contract is up 2.9% this month. The London Metal Exchange's three-month copper contract fell 0.2%, to $13,670.50 a metric ton. Both contracts rose for the...

Oil lost gains on Thursday and traded lower briefly. A report by Axios claimed that U.S. officials and Iranians had reached an agreement to extend the ceasefire for 60 days and begin talks about Tehran's nuclear program. Brent crude futures rose 33 cents or 0.4% to $94.62 per barrel at 11:01 am EDT (1501 GMT). ?U.S. West Texas Intermediate futures rose 56 cents (0.6%), to $89.24. Both benchmarks fell a little after the report, before recovering some of their lost ground. Axios, citing U.S. official?and source involved in mediation, reported that the agreement between the U.S. The oil prices have...

On Wednesday, Asian shares reached record highs and oil prices remained elevated as the markets awaited signs that a fragile truce between Iran and the United States would be extended. After Iran claimed that the U.S. violated the ceasefire, the dollar maintained gains from its previous session. The?dollar of New Zealand rose after its central bank maintained its policy rate but indicated that future increases will have to be made sooner. After the U.S. stock market reopened after a long holiday, Japanese and South Korean stocks reached new highs thanks to AI optimism. The mood remains fragile, though, as the...

Rocky Swift gives us a look at what the future holds for European and global markets. Central bankers warn that inflationary damage has already been done, even though markets seem to have 'looked past the Middle East Crisis and the havoc this has caused on energy supplies. Share?markets have soared in Japan and South Korea, riding AI optimism that sent U.S. benchmarks soaring to new highs. This euphoria depends largely on the United States' and Iran's ability to reach a deal that will end their three-month conflict, and reopen Strait of Hormuz for oil shipping. These hopes were dashed by...

Kazuo Ueda, the Governor of the Bank of Japan, said on Wednesday that central banks shouldn't merely rely on oil prices because a temporary energy spike can persist if it affects wages, expectations and pricing behavior. Ueda compared the various energy shocks Japan has experienced over the years. He said that the same increase in oil prices can have different effects on wages and expectations, on demand, on currency rates, and on other factors depending on how they are initially impacted. He said that if inflation expectations are high, and wages are increasing, there is a risk of a second-round...

What's important in U.S. and Global Markets Today By Mike Dolan, Editor at Large, Finance and Markets After a long holiday weekend in the United States, and other countries, markets were ready to celebrate signs that a peace plan with Iran was close to agreement. World crude prices fell nearly 7% on Monday, to below $100 a barrel. According to reports, the peace plan being discussed would include a 60-day extension of ceasefire and an eventual reopening of Strait of Hormuz. The news of the latest U.S. strikes against Iranian targets overnight exacerbated doubts about how quickly a final document...

London copper prices remained steady on Tuesday, as a weaker dollar was countered by higher oil costs after the latest U.S. strikes against?Iran shattered hopes of a resolution to the Middle East Conflict. This fueled concerns about the global economy outlook. By 0536 GMT, the London Metal Exchange's three-month copper was unchanged at $13,671 per metric ton. The most traded copper contract at the Shanghai Futures Exchange fell 0.4% to 104,990 Yuan ($15.451.64) per tonne. U.S. Secretary Marco Rubio stated on Tuesday that negotiating a deal with Iran would "take a few day," dispelling hopes of an imminent end to...

Rae Wee gives us a look at what the future holds for European and global markets. Oil prices climbed Tuesday after U.S. forces conducted what they called defensive'strikes' in southern Iran, just as investors were becoming more hopeful about a peace agreement?between the two nations. The strikes occurred as Iran's chief negotiator, its foreign minister and the Qatari prime minister met in Doha for talks on Monday about a possible deal with the U.S. that would end the war of three months. Washington and Tehran played down the hopes of an imminent breakthrough. This kept the optimism down, as the...

U.S. Stock Futures climbed on Monday, while oil and the dollar fell. The prospect of an agreement to end the Iran War boosted risk appetite. However, a lack of clarity about when the 'Strait of Hormuz' would open kept enthusiasm in check. Energy prices have soared in response to the nearly three-month war in the Middle East. Worries about inflation and the closure of the Strait of Hormuz, through which most world energy passes, has impacted global rates. Donald Trump, the U.S. president, said that he told his representatives on Sunday not to rush any deal with Iran. His administration...

Three trade sources familiar with the issue said that China will only see a small increase in refined fuel exports from May to June, because Beijing plans to maintain export restrictions for a fourth month in order to protect domestic supply. Two sources said that June exports were estimated to be around 550,000 metric tonnes or slightly more than expected, compared to about 500,000 tons in May. The two sources and another person said that state oil firms must now seek approval from the government on a regular basis for every shipment they export. This is because China, the world's...