Oil rises ahead of renewed United States sanctions against Iran
10 August, 2018, 03:39 | Author: Salvatore Jensen
Before the EIA report, benchmark West Texas Intermediate (WTI) crude for September delivery traded down about 2% at around $68.00 a barrel and dropped further to around $67.57 (down about 2.3%) shortly after the report's release.
On top of that, Iranian President Hassan Rouhani has threatened to disrupt regional oil production and exports if the Trump administration follows through with oil sanctions.
The tension between USA and China however, may partially blunt the effect of Iran sanctions on India'soil sourcing.
The weakness was pronounced at China's independent oil refineries, known as teapots, which the market views as an indicator of real demand for the world's second biggest oil consumer, Kilduff said.
West Texas Intermediate, the United States benchmark, shed 2% to $67.70 per barrel after the Ministry of Commerce released a new list of American goods that will be subject to tariffs.
"We think India will continue to buy U.S. oil given the strength in USA production and the Indian market can emerge as a reliable buyer of United States oil", said Sri Paravaikkarasu, head of East of Suez Oil at consultancy FGE.
One of Iran's biggest oil customers is buying more US crude.
The crude futures that China launched in March with ambitions to rival US and European benchmarks seem to be dancing to an oil-market tune only they can hear.
Prices drew some support from US sanctions against Iran, introduced Tuesday in a range of sectors. The US government has said it wants as many countries as possible to stop buying Iranianoil.
USA crude oil supplies dropped by around 1.35 mbpd last week.
The oil shipments into the world's biggest importer of crude came in at 36.02 million tons last month, or almost 8.48 million barrels per day, higher from 8.18 million barrels per day a year ago, and just over June's 8.36 million barrels per day, according to the data from the General Administration of Customs.
Iran's oil exports dropped by 7 percent to 2.32 million bpd in July-their lowest level in four months-as South Korea and Europe are slashing imports ahead of the return of the US sanctions on Tehran, data from S&P Global Platts showed on Tuesday. Crude oil will be exempt.
"Past instances of El Nino have resulted in sharp drops in U.S. residential and commercial heating oil demand and prices", it said.
Some analysts said that global crude supply losses could range from 600,000 to 1.5 million barrels per day due to the re-imposition of USA sanctions on Iran.
Prices of the barrel of the American reference for the sweet light crude oil are falling further today, breaking below the $68.00 mark per barrel.
Markets were still supported by the introduction of new US sanctions against Iran on Tuesday, which initially target Iran's purchases of USA dollars - in which oil is traded - metals trading, coal, industrial software and its auto sector. The average North Sea Brent mix at the Intercontinental Exchange (ICE) in London reached US$74.95 per barrel, down by US$0.99 only compared with previous month's trading.
Market analysts warned that oil prices could surpass $90 if Iranian supplies of around 2.4 million barrels per day (bpd) are disrupted.
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