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Asia midday crude futures: Ice Brent edges higher
Ice Brent futures rose in early Asian trading after vessel traffic through the strait of Hormuz remained limited as Iran continued to attack commercial shipping.
The Ice front-month October Brent contract was at $91.81/bl at 04:00 GMT, up by 19¢/bl from its settlement on 19 August when it ended 60¢/bl higher.
The Nymex front-month September crude contract was at $85.82/bl, lower by 1¢/bl from its settlement on 19 August when it ended 89¢/bl higher.
Vessel traffic through the strait of Hormuz has remained limited and primarily took place through the Iranian-preferred northern corridor, as Iran continues to attack commercial shipping through the narrow waterway.
Transits through the strait of Hormuz in the period totalled 15 vessels split between six inbound transits, two of which took place on the southern US-supported lane, and nine outbound transits, three of which took place on the southern corridor, data from maritime security firm Windward show.
A very large crude carrier (VLCC) laden with Saudi state-controlled Aramco crude loaded at Mideast Gulf ports has passed through the strait of Hormuz and is destined for Sohar, Oman, according to ship-tracking data.
This is probably the first Aramco cargo to pass Hormuz in August.
The UAE's foreign affairs ministry announced the suspension on 18 August, citing regional escalations that it said were undermining regional and international peace and security.
Meanwhile, the US dollar index, which measures the currency against a basket of six others, fell to 98.8 on 19 August, down by nearly 0.9pc. This weakening gives greenback dollar-denominated crude a boost because it makes it cheaper for holders of foreign currency to buy crude.
US commercial crude inventories rose by 4.4mn bl last week as imports remained elevated, the Energy Information Administration (EIA) reported on 19 August.
Chinese crude buying is accelerating as clean product export margins push refiners to run down their crude stocks.
Ice Brent futures rose in early Asian trading after vessel traffic through the strait of Hormuz remained limited as Iran continued to attack commercial shipping.
The Ice front-month October Brent contract was at $91.81/bl at 04:00 GMT, up by 19¢/bl from its settlement on 19 August when it ended 60¢/bl higher.
The Nymex front-month September crude contract was at $85.82/bl, lower by 1¢/bl from its settlement on 19 August when it ended 89¢/bl higher.
Vessel traffic through the strait of Hormuz has remained limited and primarily took place through the Iranian-preferred northern corridor, as Iran continues to attack commercial shipping through the narrow waterway.
Transits through the strait of Hormuz in the period totalled 15 vessels split between six inbound transits, two of which took place on the southern US-supported lane, and nine outbound transits, three of which took place on the southern corridor, data from maritime security firm Windward show.
A very large crude carrier (VLCC) laden with Saudi state-controlled Aramco crude loaded at Mideast Gulf ports has passed through the strait of Hormuz and is destined for Sohar, Oman, according to ship-tracking data.
This is probably the first Aramco cargo to pass Hormuz in August.
The UAE has suspended all trade, commercial exchanges and financial transactions with Iran until further notice, marking a significant escalation in Abu Dhabi's response to repeated attacks on the country's commercial interests, including shipping through the strait of Hormuz.
The UAE's foreign affairs ministry announced the suspension on 18 August, citing regional escalations that it said were undermining regional and international peace and security.
Meanwhile, the US dollar index, which measures the currency against a basket of six others, fell to 98.8 on 19 August, down by nearly 0.9pc. This weakening gives greenback dollar-denominated crude a boost because it makes it cheaper for holders of foreign currency to buy crude.
US commercial crude inventories rose by 4.4mn bl last week as imports remained elevated, the Energy Information Administration (EIA) reported on 19 August.
Chinese crude buying is accelerating as clean product export margins push refiners to run down their crude stocks.
By Rhalain Reyes