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According to Bahrain TV: Bahrains air defense system intercepted the Iranian attack.July 20th, Futures Market News: Zhengzhou rapeseed meal futures opened lower but then fluctuated upwards. Canadian canola futures continued to rise, with the benchmark contract closing 2.2% higher, mainly reflecting the surge in international crude oil futures and significant increases in Chicago soybean oil and European canola futures. Rapeseed meal spot prices rose slightly. Soybean meals strong substitution advantage is squeezing demand for rapeseed meal. Currently, rapeseed meal demand is mainly driven by immediate needs, while supply is increasing, leading to continued market volatility and adjustment.The Kuwaiti military says it is currently intercepting Iranian drones.1. The Peoples Bank of China (PBOC) maintained the one-year and five-year loan prime rates (LPR) unchanged at 3% and 3.5% respectively, marking the 14th consecutive month of no change. 2. Xie Cun, spokesperson for the Ministry of Industry and Information Technology (MIIT) and Director of the Information and Communications Development Department, stated that guidelines for the construction of a computing power standards system will be issued to promote the establishment of standards for computing power service capability assessment and market-based pricing of computing power. 3. Wang Weiming, Chief Engineer of the MIIT, stated that the new round of work plans to stabilize growth in industries such as machinery, automobiles, and power equipment will continue to be implemented, comprehensively expanding high-quality supply and effective demand. 4. The National Grain and Oil Information Center predicts that soybean imports in July will exceed 10 million tons, with crushing volume around 10 million tons, a slight increase month-on-month and a slight decrease year-on-year, representing an increase of approximately 650,000 tons compared to the average of the same period over the past three years. 5. According to Mysteel, global iron ore shipments from July 13th to July 19th, 2026, totaled 33.004 million tons, an increase of 4.103 million tons month-on-month. 6. Total iron ore shipments from Australia and Brazil reached 26.859 million tons, an increase of 4.356 million tons month-on-month. 7. According to data from the General Administration of Customs, Chinas spodumene imports in June 2026 were 768,400 tons, an increase of 12.9% month-on-month. From January to June 2026, Chinas spodumene imports totaled 4.434 million tons, an increase of 26.9% year-on-year. 8. According to Longzhong Information, as of July 20, 2026, the total sample inventory of styrene at Jiangsu ports was 91,800 tons, a decrease of 1,000 tons from the same period last week, a drop of 1.08%. 9. Goldman Sachs: If the conflict in the Middle East escalates further and exacerbates concerns about inflation and interest rate hikes, copper prices face downside risks in the near term. 10. Australian mining giant South32 reported on Monday that its fourth-quarter copper production declined, failing to meet market expectations, due to continued disruptions from adverse weather at its Sierra Gorda project in Chile. 10. According to Mysteel, on July 20th, state-owned coal mines in the Yulin area were in normal production, with some mines suspending production for maintenance. Over the weekend, coal prices in the producing areas mainly rose, by 10-20 yuan/ton, and coal mine inventories remained low. Meanwhile, coal mill sales were good, with inventories at moderate levels. 11. According to customs data, China imported 25,861 tons of lithium carbonate in June, a decrease of 31% month-on-month but an increase of 46% year-on-year. From January to June, Chinas cumulative lithium carbonate imports reached 179,000 tons, a cumulative year-on-year increase of 52%.July 20th, Futures News: Today, international crude oil futures prices rose significantly, and the energy and chemical sector in the domestic futures market collectively surged. 1. Wuchan Zhongda Futures: With the Strait of Hormuz closing again and expectations of disruption to the Red Sea shipping route, crude oil supply may face tightness again. 2. Galaxy Futures: In the short term, there is little hope for a ceasefire in the Middle East conflict. If the US continues to attack Iranian power and other infrastructure, the Houthi rebels may block the Bab el-Mandeb Strait, leading to another significant increase in crude oil prices. The strong crude oil prices provide cost support for related commodities in the energy and chemical sector. The energy and chemical sector is expected to continue its strong oscillating pattern in the short term. However, the risk of a pullback after the geopolitical sentiment subsides should be noted. 3. Baocheng Futures: Iran is an important source of methanol imports for my country. The renewed closure of the Strait of Hormuz tightens expectations for next months arrivals, coupled with low port inventories, boosting market bullish sentiment. It is worth noting that crude oil refinery maintenance has resulted in weak operating rates for downstream MTO units, and end-user demand may not keep pace with the rise in methanol prices.

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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