Will Cunliffe
Research Analyst, The Officials
One step forward, two steps back
US and Iran exchange strikes as tankers near CPC are hit again, oil majors are raking in the cash and Warsh's first FOMC didn't go down well
US and Iran exchange strikes as tankers near CPC are hit again, oil majors are raking in the cash and Warsh's first FOMC didn't go down well.
Overnight in the Mediterranean Iran’s arm in Lebanon, allegedly, struck US gas facilities in Egypt near the port of Damietta. Natural gas prices responded but a trader noted, due to el Niño, temperatures are to cool off in August which should reduce gas demand for power generation. Meanwhile, the US clobbered Iranian targets. One day the US says it will bomb Iran to bits, and the next things are wonderful. Bombs were going off elsewhere with tankers near CPC hit again. Another outage of CPC loadings could pump Dated Brent back up again and CFDs have already jumped. Sources expect loading disruptions for a while if the US doesn’t pull Ukraine back. As yet, there is no indication of changes to non-CPC Novorossiysk loadings.
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About Asia Edition
Benchmark reports published at the close of the trading day in Asia.
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