Citi says oil prices can skew higher as US-Iran talks falter
Newsquawk Staff ·
- Citi's base case is for a gradual return of Strait flows over Q3, with divergent negotiating positions on Strait control, Iran's highly enriched uranium and the inclusion of Lebanon in the ceasefire pointing to a prolonged process.
- Asia ex-China crude and key product inventories are already below the five-year range at end-May 2026, with low inventories expected to support higher prices for longer even after the Strait reopens.
- EUROPEAN OPEN: SPCX up after results, TSLA merger talks; SMCI surges on raised outlook; ADS GY beat and raise; DB1 GY beat and raise; CA FP cuts outlook on weak French demand; Belgium pressure to sell BNP FP stake; EQT SS advances on QIA GY
- PRE-MARKET INDIAN STOCK NEWS: Bajaj Finance and Hindustan Zinc post strong Q2 profit growth; Jio Platforms' record IPO opens; markets reopen after Dussehra holiday`
- [MARKET ANALYSIS] Complex capped by energy; T-notes dip after Tuesday's bull-flattening
- US Weekly Private Inventory Data (bbls): Crude -4.9mln (exp. -1.1mln), Gasoline -2.0mln (exp. -0.7mln), Distillate -2.6mln (exp. -1.6mln), Cushing +0.9mln.
- CRUDE WRAP: WTI (Z6) SETTLES USD 0.72 LOWER AT 97.82/BBL; BRENT (X6) SETTLES USD 0.76 LOWER AT USD 108.78/BBL
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