CANADA MAY RETAILS -0.8% VS FORECAST -0.6%, PRIOR +0.6%

MNI: Canada June Retails Fall And May Biggest Drop In A Year

MNI China Daily Summary: Friday, July 19

MNI BRIEF: China To Boost Consumer Spending, New Industries

MNI BRIEF: China Enhances Fiscal Response To Boost Economy

MNI BRIEF: China To Promote Migrates' Rights, Reform Hukou System

MNI: BAKER HUGHES US RIG COUNT 586; OIL RIGS 477; GAS RIGS 103

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MNI Commodity Analysis: Iranian Barrels Flood the Market in May Brushing off Sanctions

OIL

Executive summary:


  • June has brought about further reports of potential headway between Iran and the US in nuclear talks but regardless of their accuracy and progress, Iranian barrels have flooded the market at a post-sanction high in May of around 1.5-1.6mn bpd. June however is indicating that pace may not be sustainable.
  • The volumes of sanctioned barrels, including those from Iran, Russia and Venezuela have acted as a downward force on crude prices this year, catching many market balance expectations off guard as China in particular steps in to soak up discounted volumes.
  • An ageing Iranian fleet caught up in long journeys to Asia requiring ship-to-ship transfers as well as stuck in floating storage means that May’s pace, which has already shown cracks in June, may not hold up long term but will still serve as a significant supply side factor in global markets.
  • Even as Iran’s export pace slows, it’s depleted storage can be refilled and used for a further tranche of high exports later in the year as the fleet recovers at a point when OPEC cuts may have started tightening the market.


    • Full piece here:


    MNI Commodity Analysis - Iranian Barrels Flood the Market in May Brushing off Sanctions.pdf



    Energy BulletsCommodities
    Energy BulletsCommodities

    To read the full story

    Close

    Why MNI

    MNI is the leading provider

    of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

    Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.