- Oil is trading higher but heading for a weekly loss of more than $1/Bbl
- WTI prices have fallen for three consecutive weeks and are now down more than $12/Bbl since prices peaked in April
- Chinese imports of Iranian oil jump (BBG)
- China imported 1.54 MMBbl/d of sanctioned Iranian crude last month, the highest level since October, with most going to independent refiners
- This is a positive sign, as Chinese refiners have struggled this year due to weak margins, forcing some companies to cut their processing rates
- Refining margins in China have recovered since early April and are now near the highest seasonal level in 10 years
- Unusual rise in fuel inventories could be a bearish sign for crude (BBG)
- Global inventories of oil products climbed in May, which could prove to be a bearish sign for crude prices, according to consultant FGE
- Inventories in May rose by 16.5 MMBbls from the prior month, while stocks normally draw by 3.5 MMBbls on average
 |
|
|
|
|
 |
Looking for interest rate charts? We moved them hereInterest Rate Charts and Tables |
