Will Cunliffe
Research Analyst, The Officials
Seeing red!
Trump chose to rescind a red card over restarting a war this weekend, a plethora of tankers are on their way to Japan, the product market is
Trump chose to rescind a red card over restarting a war this weekend, a plethora of tankers are on their way to Japan, the product market is still very stressed, India's vehicle sales exploded in June and China is laying the groundwork for monetary easing.
Fortunately, it was an uneventful weekend in the oil market, as Trump focussed instead on reversing a US footballer’s red card. Flat price was little changed at the open and continued to oscillate around the $72 area, finally reaching the Asian close at $71.38/bbl. Iran’s northern shipping route is rather busy this morning. Within the busy Strait, there’s a whole array of tankers heading to Japan. There’s clearly a lot of manoeuvring and negotiation going on to arrange collective passages and terms. AIS traffic along the Omani corridor is sparse at best.
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