Iran Exports Crude at 20% Premium Even as Unsold Barrels Pile Up at Sea
EU Bows to Tech Lobby, Drops Ten-Year Renewables Rule for Data Centers What I Cover Irina Slav has been writing about global energy markets since 2007, covering the oil and gas industry, energy security, commodities, and the… Crude oil in floating storage off the Iranian coast is on the rise amid reluctance among buyers, Bloomberg reported today, citing data from Vortexa and its own calculations, suggesting some 58 million barrels are sitting on tankers.
More than 90% of those barrels had no clear destination, Bloomberg said in its report, adding that the tankers were "indicating "for orders" or Singapore as their next port of call, a sign they may conduct ship-to-ship transfers in the Malacca Strait." Interestingly, an earlierreportby CNBC said Iran was selling crude at a hefty premium of 20% to pre-war prices, with 40 million barrels already sold since the lifting of the U.S.
The information came from Iran’s parliament speaker and chief peace negotiator Bhagher Ghalibaf, who said in a TV interview that "Since the day the naval blockade was lifted, we have exported more than 40 million barrels of oil." CNBC also quoted data from TankerTrackers.com, showing that Iran had exported even more than that, at an estimated 50 million barrels since the lifting of the U.S.
Improving oil flows from Hormuz have pushed oil prices back to pre-war levels, withBrent crudetrading at $70.82 per barrel at the time of writing, andWest Texas Intermediateat $67.84 per barrel.
The benchmarks dropped sharply over the second quarter on reports about progress in the U.S.-Iranian peace talks, with futures traders largely ignoring the latest military exchanges by the warring parties.
The latest update on the talks comes from a senior Qatari government official, who said today they had produced "positive progress" but without elaborating on any details.
This latest attempt at negotiations was conducted indirectly in Doha.
There are still no signs lasting peace is in sight.
KKR Makes Largest Ever Clean Energy Investment With $4.2B EDF Purchase EU Bows to Tech Lobby, Drops Ten-Year Renewables Rule for Data Centers What I Cover Irina Slav has been writing about global energy markets since 2007, covering the oil and gas industry, energy security, commodities, and the… Oil Prices Plunge as U.S.
and Iran Reach Deal to Reopen Strait of Hormuz Australia's 344-Million-Barrel Oilfield Could Finally Get the Green Light Oil Prices Rebound as U.S.-Iran Peace Talks Are Postponed ING: Oil Prices Have Overshot To The Downside Kuwait Says Oil Output Won't Recover for 10-12 Weeks After Hormuz Reopens How Fake News Became the Most Dangerous Force in Energy Markets Guyana’s Oil Boom Gets a Major Boost From $100 Crude Russia’s China Energy Lifeline Is Becoming a Noose How Long Can Demand Destruction Keep a Lid on Oil Prices? The materials provided on this Web site are for informational and educational purposes only and are not intended to provide tax.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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