ENERGY

China’s imports of Iranian oil are poised to reach a record 1.75m b/d this month, data from Kpler show.

That will surpass the previous peak of 1.66m b/d set in October 2023, according to Kpler data that extends back to January 2013, and is almost 50% higher compared with 1.24m b/d last month.

Shipments into Rizhao and Dalian significantly higher m/m, said Muyu Xu, an analyst with Kpler

“Chinese teapots see refining margins slightly improving, they now have stronger motivation to (more…)

Oil slipped for a second day, extending a bumpy run so far this month, with the market focusing on Libyan supplies, key technical indicators and US inventory data.

The outages in Libya have been countered by a broadly bearish undertone – leading top Wall Street banks including Goldman Sachs. and Morgan Stanley to shave their price forecasts for next year.

API

• Crude  -3.4mm (exp. -3mm)

• Gasoline -1.86mm

• Distillates -1.4mm

• Cushing -486k (more…)

Authored by Charles Kennedy via OilPrice.com,

The operator of the biggest U.S. power grid has issued hot weather and maximum generation alerts for the areas in the Midwest and East it serves as a heat wave that has settled on large parts of the Midwest and parts of the South.

PJM Interconnection, which coordinates the movement of wholesale electricity and ensures power supplies for 65 million people in all or parts of 13 eastern and Midwest U.S. states and D.C., has (more…)