Iran is seeing the benefits from cutting it’s crude oil prices to gain market share. Iranian crude exports to China may rise to the highest in 11 months in August two tanker sources told Reuters on Thursday. Iran crude and condensate exports to China are seen at 733,000 barrels per day (bpd) in August. This would be a 11 percent rise in crude volumes month-on-month.
Independent energy company Apache Corp $APA shares are down over 5% today after reporting a second quarter loss before special items and revenue lower than consensus estimates. $APA also guided lower on divested numbers.
The Bank of England (BOE) Monetary Policy Committee (MPC) left interest rates unchanged and QE on hold with a vote of 6-2 Thursday. The British pound fell 120 pips on the news.
The EIA releases it’s weekly natural gas storage report each Thursday at 10.30 ET, the key data point for natural gas traders outside of weather modelling. This week another build is expected.
Cleveland Fed President Loretta Mester commented on rates and inflation. These are interesting in light of the recent weak inflation numbers and the tumbling U.S. dollar, says 3 hikes a year appropriate.
British oil giant $BP reported its second quarter earnings Tuesday, the last of the oil majors to report. BP is benefiting from cost cutting but still feeling the effect of the Deepwater Horizon disaster.
The TCOIL preview for this week’s EIA DOE Weekly Petroleum Status Report highlights the key variable to watch out for. Crude oil markets are watching for production and product use with the all important import export trade.
June was dismal for Car sales, we are now seeing July is even worse. General Motors $GM July sales down 15.4% , Fiat Chrysler $FCAU US sales down 10.5%, Ford $F Sales down -7.4%.
US pending home sales from the National Association of Realtors in June show the first gain in four months. With the stock market at all time highs and in some regions home prices at new highs home sale volumes have concerned many.
Shale play Devon Energy $DVN who is reporting second quarter earnings after the market close Tuesday announced they are selling Eagle Ford Assets in Lavaca County, Texas to Penn Virginia for $205 Million.