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June 19 – Iran is shipping large quantities of oil that were previously blocked by a US blockade, potentially good news for Tehran, which signed a provisional peace agreement with Washington on Wednesday. Shipping data compiled by Bloomberg shows that 11 oil tankers carrying a total of 20 million barrels of crude oil departed from the port of Chabahar in the Gulf of Oman this week. Previously, the US military had blocked these tankers from entering the Indian Ocean, a move aimed at restricting Tehrans access to petrodollars.On June 19, the Iranian Islamic Revolutionary Guard Corps (IRGC) issued an open letter to Irans Supreme Leader Mojtaba Khamenei, stating that the Iranian people and armed forces "firmly support the national leadership." The letter said that the Supreme Leaders recent important speech further strengthened the unity of the Iranian people, boosted the confidence of frontline fighters in maintaining existing gains, and provided important support for the political sphere in safeguarding national interests. The Iranian people and armed forces expect that political efforts will continue the gains made on the battlefield and promote the protection of Irans legitimate rights. The letter emphasized that if any party breaks its promises, makes excessive demands, or harms Irans national interests, the IRGC is prepared to take action on land, sea, air, and other operational domains.European Commission President Ursula von der Leyen: We will be committed to developing new and diversified tools.European Commission President Ursula von der Leyen: We must use the toolbox more actively to defend the EU.European Commission President Ursula von der Leyen: We must prepare for the start of negotiations between Ukraine and Russia.

WTI bulls enter at critical support and eye the Federal Reserve

Daniel Rogers

Sep 20, 2022 14:31

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West Texas Intermediate is currently up 0.11 percent on the day and has traded between $82.11 and $86.21 bbls. The black gold was reversing early offers that led to the lows even as US dollar bulls came in as markets awaited the Federal Reserve and a multitude of other central banks this week.

 

Fed funds futures have priced in a 79% chance of a 75-basis-point rate hike this week and a 21% chance of a 100-basis-point boost at the conclusion of the two-day Fed policy meeting. Nonetheless, some analysts predict that the central bank could move to increase interest rates by a full percentage point after August inflation exceeded expectations. The DXY index indicates that the demand for safe haven assets, such as the U.S. dollar, is close to its 20-year high. As a result, the demand for oil may decrease, and the dollar's demand as a safe haven asset nears a 20-year high.

 

Nonetheless, China eased a two-week lockdown on the 21 million residents of Chengdu, restoring normal activity to the capital of Sichuan, which may have contributed to the increase in oil prices at the beginning of the week. The Department of Energy said on Monday that the United States will sell 10 million barrels of oil from its strategic reserve for delivery in November.

 

"The markets are increasingly pessimistic about the likelihood of a rapid resolution to the Iran issue, which has resulted in a revival in energy supply risks despite the continuous decline in prices. As markets reprice supply risk premiums, the lack of liquidity might amplify crude's upward volatility, according to TD Securities analysts.


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