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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.
OIL
After a period of falling Saudi crude exports to Asia, the reduction in OSPs in conjunction with weaker flows from the Atlantic could support a recovery in buying interest according to Vortexa.
- Reuters reported earlier on Tuesday that China is unlikely to be prompted by weaker OSPs however.
- Saudi crude exports to China are expected to fall for a third straight month in July to about 36mn bbls according to Reuters sources reported – down from 39mn bbls in June.
- Saudi crude prices for Asia customers have fallen by 40-60c/bbl across all grades for July.
- The deepest price cut was made for Arab Extra Light to compete with WTI.
- Saudi Arabia’s crude exports to Asia fell to an 8-month low in May, remaining below 5mbd for the second consecutive month according to Vortexa.
Source: Vortexa
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.
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