Crude Oil

Open Interest (ROI),?will give you a summary of the week's financial performance with five charts every Friday. We will highlight the major trends, but also some surprising and sometimes overlooked moves. This week we have said a lot, now let's rely on the data. (1) LOSS LEADER ANNA SZYMANSKI. ROI Editor-in Charge: IPOs by loss-making firms have accounted for an increasing share of the total IPO proceeds in the last two years - amid the AI boom – after equity issuance dropped in 2022 due to the increase in interest rates. The trend is set to continue with Elon Musk's...

The Asian stock market?extended its global rally on the hopes of a Middle East Peace Deal. Meanwhile, the dollar and bond yields fell and oil prices reached?two-month highs, easing inflation fears. European bourses will?open? sharply higher with pan-regional futures up by 1.8%. Wall Street futures are up about 0.2% on the back of a strong overnight rally. Elon Musk’s SpaceX has been the focus of attention as it makes history by launching the largest initial public offering ever. The IPO raised a new record of $75 billion. This valued the rocket and spacecraft maker at $1.77 trillion, making Musk the...

After U.S. President Donald Trump cancelled plans to strike Iran, fears of an escalation in 'hostilities' following tit-fortat attacks earlier this week were reduced. Brent futures increased $1.21, or 1.3%, to $89.17 per barrel at 0042 GMT. U.S. West Texas Intermediate crude (WTI), however, rose $1.23 or 1.4% to $86.48. Brent crude was 4.2% less than WTI on a weekly basis. Trump, who threatened to hit Iran'very hard,' called off planned strikes Thursday, saying that discussions with Iran have progressed. Fars, Iran's semiofficial news agency, reported that Tehran has not approved the text of any agreement. Tony Sycamore, IG's market...

The dollar, bond yields and oil prices all fell, easing inflation fears. Elon Musk’s SpaceX has been making history by launching the largest-ever initial public offer. The IPO raised a new record of $75 billion. This valued the rocket and spacecraft maker at $1.77 trillion, making Musk the first trillionaire in the world. Donald Trump announced on Thursday, just hours after threatening to launch more attacks on Iran, that a deal could be reached as early as this weekend. He said that negotiations with Tehran have reached the highest levels of Iran’s leadership, and were approved by a broad coalition...

MSCI's global equity index rose on?Thursday, while dollar and bond yields dropped, along with oil and futures. This was on renewed hope for peace in the Middle East, after U.S. President Donald Trump announced he canceled planned strikes against Iran, and that a peace deal could be signed soon. After threatening to?bomb more targets and stating that he wants to "take" the oil export hub Kharg Island in the past few hours, Trump announced on Thursday that "talks have been brought to Iran's highest level and approved." In a Truth Social post, he also said that the United States, Israel...

A power outage and wet weather at a major oil sands manufacturer have contributed to a tightening of crude export supplies?out?of Western Canada. This could affect the supply to U.S. Midwest refining facilities and the Cushing storage facility in Oklahoma. The supply disruptions in Western Canada will add to a tightening global market, as a fifth of global oil and gas shipments have been halted behind the Strait of Hormuz because of the U.S./Israeli war in Iran. U.S.?inventory, including strategic reserves, has fallen by 79 millions barrels since the Iran War began late February. Inventories at Cushing are nearing their...

Donald Trump, the U.S. president, said on Thursday that a "great agreement" to end the war in Iran would be signed within days. Trump told reporters at the Oval Office: "We have just reached a wonderful settlement in our war with Iran." He said: "The strait is going to be officially opened as soon as we have signed, which may happen very soon, perhaps over the weekend, in Europe." Trump claimed he just spoke to Israel's Benjamin Netanyahu and also with the leaders of Qatar, United Arab Emirates (UAE), Saudi Arabia, Bahrain and Kuwait. He said that he was soon...

The firm that previously represented it in the U.S. Court of Appeals said on Thursday, Venezuela has retained the law firm 'Greenberg Traurig' to represent the country in a longstanding legal battle against miner Crystallex. This involves more than a dozen creditors seeking compensation for expropriations. The Attorney General of Venezuela, Arianny eijo, announced this 'week that Daniel Pulecio, and 'Dominic Draye, are now leading Venezuelan's team. In a letter sent to the firm Munger Tolles & Olson which asked the US Court of Appeals for Third Circuit to'remove' them as counsel. Washington recognized the interim government led by Venezuelan...

MSCI's global index of equities rose on Thursday, while the dollar fell and oil futures soared. This was due to renewed hope for peace in Middle East following the announcement by U.S. president Donald Trump that he had canceled his planned strikes against Iran. After threatening to bomb more oil-exporting Kharg Island and saying he wanted to "take it", Trump announced that the talks had been "brought to the highest level Iranian leadership and approved." In a Truth Social post, Trump also stated that the United States, Israel and Saudi Arabia had approved "discussions" and "final points." Oil prices dropped...

Treasury Department's website revealed on Thursday that the United States has sanctioned Cuban state oil firm Union Cuba Petroleo, preventing the island government from importing much-needed fuel. Washington has imposed sanctions against a number of Cuban entities, people and leaders, including Cuba's president. It is attempting to increase?pressure on Cuban communist leaders. The sanctions come after the U.S. declared a national crisis this year, which imposed tariffs on countries that supply oil to the island. This has led to widespread power outages. In a recent social media post, U.S. Secretary of State Marco Rubio stated that Cuba's Communist elites had...

After?the U.S. The military launched new attacks against Iran, and market data revealed another large drawdown in U.S. oil stocks. Brent futures climbed 66 cents or 0.7% to $92.11 a bar at 0406 GMT. U.S. West Texas intermediate crude crude crude climbed by 60 cents or 0.7% to $88.80. After President Donald Trump promised to act on the downing of an Apache attack helicopter by the U.S., this was a new escalation which threatened to unravel a fragile truce between Washington and Tehran. Priyanka?Nova, a senior analyst at Phillip 'Nova, stated that the latest attacks have shifted traders’ focus to...

MSCI's global equity index lost ground Tuesday, as investors chose safer bets and heavyweight U.S. tech stocks tumbled. Oil prices also fell as Middle East updates were vague on the progress of peace. Iran and Israel had raised hopes for a reduction in tensions on Monday when they announced that they would cease to attack each other. U.S. president Donald Trump'said'?on?Tuesday that Iran had shot down a U.S. Apache helo that was patrolling Strait of Hormuz over night and vowed?to respond without providing any details. Israel had attacked the historic port of Tyre, in southern Lebanon, on Tuesday and killed...

Official data on Thursday showed that oil product inventories in Asia's main trading hub Singapore fell to their lowest level?in almost 13 years. This was due to a'sharp' decline in residual fuel stocks as the Middle East conflict continued. Enterprise Singapore's data shows that the combined onshore oil products stocks fell to 34.41 millions barrels during the week ending June 10. This is the lowest level since July 2013. The oil inventories at global storage hubs are shrinking, as Middle Eastern shipments continue to be curtailed by the U.S. - Iran?war. In the week ending June 10, inventories of residual...

Saudi Arabian crude oil sales to China will likely remain at record lows this month as the high 'prices' in the wake of the U.S. and Israeli war on Iran continue to impact demand. Market participants closely monitor the allocations as a measure of Chinese demand. They indicate that refiners are reluctant to import barrels at high prices after run cuts, and because they have exhausted their domestic stocks. Saudi Aramco will ship 12 million barrels to China customers for July loading. This is about 387.096 barrels a day. Sources'requested anonymity because they weren't authorized to speak with the media....

Hengli Petrochemical in China, which was sanctioned by the U.S. because it allegedly purchased Iranian oil, bought at least 2 million barrels of West African crude and is seeking more mainstream supply. Six people have said that Hengli is seeking to buy oil from sources not sanctioned by Washington. The company was penalised in April for buying Iranian oil and denied doing so. Hengli, a privately owned refinery that operates in Dalian (northeast China) and produces 400,000 barrels per day, inquired recently about purchasing cargoes from West Africa and non-Iranian Middle Eastern oil?for deliveries starting June, according to multiple sources....

Asian stocks dropped on Wednesday, while oil prices surged as escalating Middle East tensions unsettled the markets. Dimming hope for an end to a months-long conflict that has driven commodities higher and stoked concerns about inflation. After President Donald Trump claimed that Tehran had shot down an American Apache helicopter in Strait of Hormuz investors were on edge about a fragile ceasefire. The broadest MSCI index of Asia-Pacific stocks outside Japan fell 0.6%. The Nikkei of Japan fell by 0.9%, while the South Korean KOSPI, which is dominated by tech stocks, dropped 2%. In early trading, oil prices rose about...

The Asian stock markets tried to stabilize on Tuesday. Oil prices fell after Israel and Iran announced that they would halt their attacks against each other for the time being. Ever-hopeful investors, however, bought up the latest dip in semiconductor stocks. Analysts warned that the rebound was only a small one, with 60% of S&P 500 ending in the red over night even though the index as a whole edged upward. In early trading, share futures on Wall Street and Europe also fell. The Strait of Hormuz remains severely restricted, and higher bond yields continue to challenge equity valuations. Analysts...

What is important in the U.S. and international markets today by Mike Dolan Editor-at-Large of Finance and Markets On Wednesday, the?S&P 500 did not achieve its 10th consecutive daily gain and some clouds are forming in the markets. Broadcom, the sixth largest company in the world by market capitalization, has stumbled despite the frenzy surrounding the hot chip sector. Stocks of the chipmaker dropped by more than 13% overnight after a slight miscalculation in sales and revenue estimates. This?reaction is a sign of the high bar that companies have to meet in order to impress the markets during the AI...

China will reduce domestic retail prices on 'gasoline and Diesel' from Friday, its second cut since the start of the Iran War which has caused global oil prices to rise and constrained global energy supplies. The National Development and Reform Commission, a state planner, announced on Thursday that the retail gasoline and diesel prices would be reduced by 525 Yuan ($77.52), and 505 Yuan ($50.52), respectively. A 50-litre fuel tank filled with?92-octane gas can be filled for about 20.5 Yuan less. After factoring in Thursday's price reductions, Beijing has raised diesel retail prices by 1,530 yuan a ton since the...

Analysts and trade sources reported that South Korea's refiners increased jet fuel exports to pre-Iran War levels in May, helped by an increase in?crude oil imports, and encouraged by the robust margins of refining. The rebound of?one of Asia’s top fuel exporters as seen in a series of spot cargo sales has eased concerns about a tight supply, and helped to cool down prices in the area. In the last two weeks, spot premiums on aviation fuel fell by 50% to about $2 per barrel. This compares to a record-high of more than 20 dollars in March. Data from Kpler...

Analysts and industry officials say that China will continue to draw on its record crude oil inventories, as refiners reduce imports while maintaining production curbs in order to minimize losses due to weak fuel demand. The tepid demand from the world's largest crude importer is partly limiting global oil prices. They have fallen 19% since May, despite a strained truce between the U.S.A. and Iran. And the Strait of Hormuz remains largely closed a third time. Beijing has taken a number of measures to protect the country against the soaring Middle East crude oil prices. These include maximizing domestic drilling...

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...