- Oil steady as traders eye Iran diplomacy and OPEC+ policy
- WTI edged up $0.12 to $65.04/Bbl Thursday morning (7:45 AM CT), holding steady as the market weighed geopolitical and OPEC+ developments
- President Trump announced a U.S.–Iran meeting next week but downplayed the need for a new nuclear deal, claiming U.S. strikes had "obliterated" Iranian facilities
- In contrast, Iran’s Supreme Leader Khamenei declared victory, saying U.S. intervention achieved nothing
- Trump reiterated his “maximum pressure” campaign targeting Iran’s oil revenues
- Attention is also on the upcoming OPEC+ meeting in July, where production plans for August will be decided
- Russia has signaled openness to another output hike if needed (Bloomberg)
- U.S. relaxes ethane export rules, limits in place (Bloomberg)
- The U.S. has eased restrictions on ethane shipments to China, allowing companies like Enterprise and Energy Transfer to load and transport cargo
- However, the ethane cannot yet be unloaded for Chinese use, pending further approval from the Bureau of Industry and Security
- China’s oil demand may have peaked
- The Energy Institute reports that China’s oil demand may have peaked in 2023, driven by slowing economic activity and accelerating EV adoption
- Despite China’s decline, global oil demand rose 0.7% last year to 101.4 MMBbl/d, with growth led by India and Southeast Asia
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