Bloomberg: Iran's Offshore Crude Oil Stockpiles Rise to 58 Million Barrels, Over 90% Unsold - Bitget
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Bloomberg: Iran's Offshore Crude Oil Stockpiles Rise to 58 Million Barrels, Over 90% Unsold Bitget
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4 itemsThe Commodities Feed: Oil falls further
Per the full note [ING Think], oil's fourth consecutive decline reflects market pricing of a full Strait of Hormuz reopening after the US-Iran agreement, with WTI touching its lowest since March and Brent below $83/bbl. The desk highlights that this supply-risk unwind is reinforced by China's refinery throughput falling 9.1% YoY to a three-year low, while US SPR stocks at 340mn barrels mark a 40-year trough, suggesting potential rebuilding ahead. No consensus data is available from internal coverage, and no upcoming calendar events are flagged, leaving the focus squarely on demand-side metrics and geopolitical follow-through.
The Commodities Feed: Oil has its worst quarter since 2020
Per the full note [source], ING's commodities desk argues that oil's worst quarter since 2020 is driven by growing confidence in Persian Gulf supply recovery, despite recent US-Iran tensions. The desk notes that US crude production surged to a record 13.93m b/d in April, while exports hit a record 13.61m b/d, helping offset supply losses from the Persian Gulf. Our internal coverage does not track a specific currency pair for this commentary, so no firm consensus or cross-firm comparison is available.
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