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    • Latest News from S&P Global Commodity Insights
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    Crude oil futures extended declines for a third day in mid-morning Asian trade July 7, with the ICE Brent marker falling below $100/b as recession fears continued to weigh on oil prices. At 10:11 am Singapore time (0211 GMT), the ICE September Brent futures contract was down $1.22/b (1.21%) from the previous close at $99.47/b, while the NYMEX August light... [...]

    The US government leveled July 6 new sanctions targeting international companies facilitating Iran's oil and petrochemicals exports to east Asia, in the latest sign of pressure to return to the nuclear deal. The sanctions freeze assets of companies based in Iran, Vietnam, Singapore, the UAE and Hong Kong. The State Department designated 15 individuals and entities tied to "illicit sales... [...]

    California's fuel cell electric vehicle economy is now ready to shift its focus from refueling infrastructure to clean hydrogen production capacity to advance the industry toward commercialization, the California Fuel Cell Partnership said during a July 6 webinar. "When we started to focus on commercialization, it was really to synchronize the rollout of vehicles with fueling infrastructure," said the CFCP's... [...]

    Oil futures finished a volatile session lower July 6 as recession concerns prompted a second day of strong selling pressure that sent front-month ICE Brent below $100/b intraday for the first time since April 25. NYMEX August WTI settled down 97 cents at $98.53/b, and ICE September Brent declined $2.08 to finish at $100.69/b. Crude prices saw a second day... [...]

    With crude prices under pressure from growing fears of a global recession while supply-side threats hang over the market, the near-term price forecasts for the key commodity have become increasingly hedged as analysts second guess After hitting a 10-week high at more than $125/b in mid-June, Brent crude futures have ceded ground in volatile trading as concerns over a global... [...]

    Loadings of Kazakhstan's CPC Blend crude oil are continuing uninterrupted as the operator of the Black Sea loading facility appeals a Russian court order suspending its activity for 30 days, sources said July 6. The order by a district court in Novorossiisk, following a demand by Russia's transportation inspectorate, represents a blow to landlocked Kazakhstan as the CPC route handles... [...]

    China has issued 5 million mt (39.75 million barrels) of quotas in its third batch for exporting gasoline, gasoil and jet fuel in 2022, indicating slim outflows from country in the third quarter, sources with close knowledge about the matter told S&P Global Commodity Insights on July 6. The new allocation takes the total quota volume to 22.5 million mt... [...]

    Beijing has allocated 2.5 million mt, or 15.88 million barrels, of low sulfur fuel oil export quotas in the third round for bonded bunkering in 2022, down 16.7% from the same round for 2021, sources with knowledge of the matter said July 6. However the new allocation brings total fuel oil export quotas in the first three rounds for the... [...]

    OPEC Secretary General Mohammed Barkindo, who helped forge a coalition with Russia, increased the bloc’s African contingent and led it through a turbulent oil market, died July 5 at the age of 63, less than one month before his term was due to end. Barkindo took office on Aug. 1, 2016, and his six years in the post saw the... [...]

    Oil product inventories at the UAE's Port of Fujairah climbed to a one-year high as of July 4 with gains across the board, according to Fujairah Oil Industry Zone data shared exclusively with S&P Global Commodity Insights on July 6. Total stockpiles stood at 22.253 million barrels as of July 4, up 14.9% from a week earlier and the highest... [...]

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