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1. According to Al Arabiya TV: Oman and Iran will soon issue a joint statement on the transit corridor in the Strait of Hormuz. 2. USDA data shows that for the week ending July 30, net soybean export sales for the 2025/2026 marketing year in the United States were 32,000 tons, significantly lower than the market expectation of 100,000-400,000 tons, compared to 302,000 tons the previous week; export shipments were 346,000 tons, compared to 490,000 tons the previous week. 3. According to USDA agricultural drought monitoring data, as of August 4, 2026, the drought rate in U.S. soybean producing areas was 26%, unchanged from the previous week; compared to 3% in the same period last year, an increase of 23 percentage points. 4. USDA data shows that private exporters reported selling 122,000 tons of soybeans to China for delivery in the 2026/2027 marketing year. 5. According to data released by the Malaysian Palm Oil Association (MPOA), Malaysian palm oil production is estimated to have increased by 7.54% from July 1-31. Production in Peninsular Malaysia increased by 12.63% month-on-month, Borneo by 1.48%, Sabah by 0.77%, and Sarawak by 7.78%. 6. The World Gold Council: Global gold ETFs attracted $3 billion in inflows in July, reversing two consecutive months of outflows, bringing total assets under management to $530 billion; holdings increased by 23 tons to 4,068 tons. 7. The CEO of Albemarle, a global lithium giant, stated that global lithium inventories are low, and the lithium spot market remains tight due to weak supply failing to meet the growing demand from electric vehicles and battery storage. The company raised its 2026 battery storage production forecast by 11% and its lower limit for the 2030 global lithium demand forecast by 100,000 metric tons. 8. Data from the Southern Peninsula Palm Oil Crushers Association (SPPOMA) shows that from August 1st to 5th, 2026, Malaysian palm oil yield per hectare decreased by 9.3% compared to the same period last month, oil extraction rate increased by 0.18% compared to the same period last month, and production decreased by 8.35% compared to the same period last month. 9. Data released by the Brazilian Sugarcane Industry Association (Unica) shows that in June, sugarcane crushing volume in Brazils central-southern region was 69.791 million tons, compared to 81.622 million tons in the same period last year, a year-on-year decrease of 14.5%; sugar production was 3.903 million tons, compared to 5.298 million tons in the same period last year, a year-on-year decrease of 26.33%. 10. EIA Natural Gas Report: As of the week ending July 31st, total U.S. natural gas inventories were 3.117 trillion cubic feet, an increase of 33 billion cubic feet from the previous week, a decrease of 12 billion cubic feet from the same period last year, a year-on-year decrease of 0.4%, and 195 billion cubic feet higher than the 5-year average, an increase of 6.7%. 11. The Houthi armed forces in Yemen warned Saudi Arabia against any aggressive actions against Yemen and its people, or they would face the consequences of any escalation.A Republican senator has proposed repealing Californias vehicle emissions regulations.The Houthi rebels in Yemen advised those who have been deceived or misled by Yemeni leaders to leave enemy camps in Saudi Arabia and return home before it is too late.U.S. EIA natural gas storage for the week ending July 31 was 33 billion cubic feet, compared with an expected 30 billion cubic feet and a previous reading of 28 billion cubic feet.The U.S. EIA natural gas storage data for the week ending July 31 will be released in ten minutes.

Oil Quiet As Price Cap Suggestion Assists in Relieving Supply Concerns

Skylar Williams

Nov 25, 2022 14:48

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Benchmark Brent oil declined on Thursday, while West Texas Intermediate (WTI) crude remained unchanged, hovering at two-month lows due to uncertainty about the degree to which a proposed G7 restriction on the price of Russian oil would limit supply.


A larger-than-anticipated rise in gasoline inventories in the United States and an expansion of COVID-19 limitations in China also knocked on oil prices.


At 15.15 p.m. ET (2015 GMT), Brent oil prices decreased 29 cents, or 0.3%, to $85.12 per barrel, while U.S. WTI crude futures decreased 2 cents, to $77.96 per barrel.


Due to the Thanksgiving break in the United States, trade volumes were quite low.


The announcement on Wednesday that the expected price ceiling for Russian oil may surpass the current market level triggered a decrease of about 3 percent for both benchmarks.


European Union nations remained divided over what level to cap Russian oil prices to limit Moscow's ability to pay for its battle in Ukraine without causing a global oil supply shock; if positions converge on Friday, more conversations are possible.


A European official claimed that the G7 is discussing a cap of $65-$70 per barrel for Russian oil transported by sea, but European Union member states have not yet reached an agreement on a price.


A higher price ceiling might encourage Russia to continue selling its oil, decreasing the possibility of a global oil supply shortage.


According to two sources, several Indian refiners are discounting Russian Urals crude by between $25 and $35 per barrel compared to the worldwide benchmark Brent oil. Urals is Russia's principal crude export.


Despite the obstacles, Bart Melek, global head of commodities market strategy at TD Securities, is rather optimistic about oil. "The Russian price ceiling is another aspect that contributed to the current price fall," he stated.


The Energy Information Administration (EIA) said on Wednesday that gasoline and distillate inventories in the United States climbed substantially during the previous week. [EIA/S]


In contrast, oil stockpiles decreased by 3.7 million barrels to 431.7 million barrels in the week ending November 18, despite a Reuters survey predicting a reduction of 1.1 million barrels.


China reported the highest daily number of COVID-19 cases since the outbreak began over three years ago on Wednesday. Local officials intensified measures to remove the breakouts, raising investor anxiety over the economy and demand for fuel.

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