Trafigura and Vitol are reportedly in discussions with significant Chinese and Indian refiners re. the potential sale of Venezuelan crude, Bloomberg reprots citing sources
Newsquawk Staff ·
Trafigura and Vitol are reportedly in discussions with significant Chinese and Indian refiners re. the potential sale of Venezuelan crude, Bloomberg reprots citing sources.
What it means
The news of Trafigura and Vitol potentially selling Venezuelan crude to major Chinese and Indian refiners signals a significant demand shift in the global oil market. This move could impact both WTI and Brent prices as it suggests a diversification of sourcing for Asia, potentially easing prior supply constraints and influencing the crude balance globally. Investors should watch for price reactions and any regulatory implications surrounding Venezuelan oil exports.
Sources
- Newsquawk US Market Wrap - Stocks mixed on AI rebound ahead of US midterms
- CRUDE WRAP: WTI (Z6) SETTLES USD 0.37 LOWER AT 96.09/BBL
- Eight tankers carrying 300,800 tonnes of Russian diesel are being monitored on potential voyages to the US, with seven declaring the US as their destination and arrivals expected from November 7th, according to Ukrainian sources cited by an RFE journalist
- Venezuela's October oil exports 1.08mln bpd, almost unchanged, according to shipping data
- [MARKET UPDATE] Crude benchmarks sink on reports that the US and Tehran have made concessions related to the Iranian nuclear program and frozen funds; Brent Jan'27 has slipped beneath USD 102/bbl
Related headlines
- US FX WRAP: Dollar sees two-way trade on geopols as US midterms await 5 days ago
- US EQUITY OPEN: Tech pares back some recent losses as US/Iran negotiations and US midterms are in focus5 days ago
- Newsquawk Daily US Opening News - 3rd November 20265 days ago
- [MARKET ANALYSIS] Choppy trade in crude as eyes remain on the geopolitical landscape in the aftermath US mid-terms later today5 days ago
- TREASURY WRAP: T-NOTE FUTURES (Z6) SETTLE 11+ TICKS LOWER AT 106-165 days ago
- [MARKET ANALYSIS] Fixed income hit by geopolitically driven energy rebound, and counting down to the US midterms5 days ago
- [MARKET ANALYSIS] European bourses reverse Monday's gains as disappointing AAPL and PLTR guidance weighs on tech names5 days ago
- "Iranian assessments indicate that a return to war is now the most likely scenario", Al-Arabiya reports citing sources 5 days ago
- US Midterms Cheat Sheet for Traders5 days ago
- Israel has shared intelligence with the US asserting that Iran is considering the use of chemical weapons against its adversaries, information met with alarm by some American officials and deep skepticism by others, NYT reports citing sources5 days ago
- Israeli PM Netanyahu was reportedly the one who proposed to US President Trump the ending of financial aid to Israel, N13 reports citing sources5 days ago
- US Energy Secretary Wright says overnight strikes on Iran's Qeshm Island have not impacted oil flows; more refined products are coming out of the Arabian Gulf and more will come from India5 days ago
- US President Trump says they have total control of the Middle East. Israel has been a helper.5 days ago
- US Energy Secretary Wright says that the best way to address high prices is high prices themselves, which spur supply growth; therefore, supply is increasing5 days ago
- Russia's Kremlin confirms trilateral Ukraine talks will take place in Abu Dhabi next week5 days ago