MNI BOK WATCH: More Evidence Needed To Cut Rates, Says Rhee

MNI: PBOC Conducts CNY2 Bln Via OMO Thurs; Liquidity Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS THURS

MNI: PBOC Sets Yuan Parity Lower At 7.1339 Thurs; -1.06% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1339 THURS VS 7.1342

MNI BRIEF: Bank of Korea Keeps Policy Rate At 3.50%

Activity data stronger-than-expected; little impact on near-term monpol

MNI: GERMANY JUNE FINAL HICP +2.5 % M/M, +0.2% Y/Y

MNI: GERMAN JUN CPI +2.2 % Y/Y

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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

US Daily Oil Summary: Little Impact Expected from New Iran Sanctions

OIL
Energy BulletsHomepageBulletCommodities

The US extended sanctions on Iran’s oil sector to include foreign ports, vessels and refineries that knowingly process or ship Iranian crude, but analysts don’t expect the new measures to have a material impact on Iran’s crude exports, according to Bloomberg.

  • Limited impact is expected on Iran’s oil exports from new US legislation according to FGE.
  • The US is not incentivised to enforce sanctions, especially in an election year and risk higher energy prices according to Energy Aspects Director of Research Amrita Sen.
  • US crude oil inventories likely rose for a fifth straight week, up by 0.5m bbl, according to a survey by the WSJ. Gasoline inventories are seen down 1.5m bbl while distillate stocks are also seen down by 1m bbl.
  • USD: The greenback has slipped on the day, with the Bloomberg dollar spot index down around 0.38%. The dollar’s weakening comes on the back of softer US PMI data.
  • The S&P Global US PMIs were softer than expected in preliminary April data, with mfg at 49.9 (cons 52.0) after 51.9 and services at 50.9 (cons 52.0) after 51.7.
180 words

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.

The US extended sanctions on Iran’s oil sector to include foreign ports, vessels and refineries that knowingly process or ship Iranian crude, but analysts don’t expect the new measures to have a material impact on Iran’s crude exports, according to Bloomberg.

  • Limited impact is expected on Iran’s oil exports from new US legislation according to FGE.
  • The US is not incentivised to enforce sanctions, especially in an election year and risk higher energy prices according to Energy Aspects Director of Research Amrita Sen.
  • US crude oil inventories likely rose for a fifth straight week, up by 0.5m bbl, according to a survey by the WSJ. Gasoline inventories are seen down 1.5m bbl while distillate stocks are also seen down by 1m bbl.
  • USD: The greenback has slipped on the day, with the Bloomberg dollar spot index down around 0.38%. The dollar’s weakening comes on the back of softer US PMI data.
  • The S&P Global US PMIs were softer than expected in preliminary April data, with mfg at 49.9 (cons 52.0) after 51.9 and services at 50.9 (cons 52.0) after 51.7.