Published • loading... • Updated
Oil stocks in US Strategic Petroleum Reserve fall by 5.5 million to lowest level since 1983
The reserve held 331.2 million barrels as Gulf flows recovered and commercial inventories also fell, leaving Washington with less cushion against a price spike.
- On Tuesday, Brent Crude headed for its largest quarterly decline since 2020, slumping 30.4% as Middle East tensions eased and prices traded near $74 a barrel.
- Traffic through the Strait of Hormuz tentatively reopened following a U.S.-Iran agreement to negotiate a peace deal, effectively erasing the geopolitical risk premium from oil markets.
- Morgan Stanley cut price forecasts for the second time in two weeks as West Texas Intermediate traded near $71, with analysts warning flows only need to recover to about 65% for a glut to form.
- Deputy Foreign Minister Kazem Gharibabadi reiterated Iran's determination to oversee traffic through the strait, intending to reach an agreement with Oman in Doha to regulate the waterway but moving forward with its own plans if needed.
- As attention turns to 2027, the market has returned to surplus, with Warren Patterson, Head of Commodities Strategy at ING, noting the ceasefire is treated as permanent; analysts caution traders against underestimating renewed disruption risks.
Insights by Ground AI
28 Articles
28 Articles
The price increase is turning out much lower than previously thought. The deal between the United States and Iran is causing oil prices to fall rapidly, which could diminish the fear of a second wave of inflation.
·Amsterdam, Netherlands (Kingdom of the)
Read Full Article
Oil prices operate without common direction and close to stability, in the face of conflicting information about the next steps in negotiations between the United States and Iran, while the Strait of Hormuz remains open, although with lower flows than before the war. Oil is heading for the biggest quarterly decline since 2020. Around 8:10am, on the Intercontinental Exchange (ICE), Brent oil for delivery in August fell 0.21% to US$ 73.00 per barr…
·Brazil
Read Full Article
4th of July SaleGet 40% off Vantage subscriptions for yourself or a friend.Get Started
Coverage Details
Total News Sources28
Leaning Left3Leaning Right6Center4Last UpdatedBias Distribution46% Right
Bias Distribution
- 46% of the sources lean Right
46% Right
L 23%
C 31%
R 46%
Factuality
To view factuality data please Upgrade to Premium
