Macroeconomics

1. [US-Iran Conflict] Sources revealed that Iran informed Yemen's Houthi rebels that if the US attacks Iran's power grid, the Houthis should blockade the Bab el-Mandeb Strait. The Iranian military emphasized that the issue of the Strait of Hormuz is a "red line" for Iran and will not be reopened due to US pressure. If hostile actions against Iran continue, the conflict will expand into new arenas.

2. [US-Brazil Tariffs] The US will impose a 25% tariff on certain Brazilian goods starting July 22.

3. [US Initial Jobless Claims] US initial jobless claims totaled 208,000 last week, compared to an estimated 217,000 and a previous figure of 215,000.

Energy

1. [Crude Oil] On July 16, international crude oil futures closed lower. The settlement price for the US WTI crude oil futures contract for August delivery was $78.28 per barrel, down $0.84 or 1.1%. The settlement price for the Brent crude oil futures contract for September delivery was $84.23 per barrel, down $0.72 or 0.9%.

2. [Crude Oil] On July 16, International Energy Agency (IEA) Executive Director Fatih Birol stated that if the US and Iran do not soon work to improve oil transport conditions in the Strait of Hormuz, the world should be concerned about energy security.

3. [Crude Oil] On July 16, Libya's National Oil Corporation (NOC) announced Thursday evening that, following an evaluation of the development plan submitted by Austrian oil company OMV, it had declared OMV's Iasar oil discovery commercially viable; the field is expected to produce approximately 5,000 barrels per day.

4. [Crude Oil] According to Kpler data and a person with direct knowledge of shipping operations, Iraq's crude oil loadings more than doubled to approximately 1.2 million barrels per day in the first half of July, marking a significant acceleration in exports after months of restrictions.

5. [Fuel Oil] Data from Enterprise Singapore (ESG) shows that for the week ending July 15, Singapore's fuel oil inventories fell by 62,000 barrels to 19.115 million barrels; light distillate stocks dropped by 417,000 barrels to 11.828 million barrels; and middle distillate stocks rose by 396,000 barrels to 9.308 million barrels.

6. [Petroleum Coke] On July 16, Guangrao Zhenghe Petrochemical Co., Ltd. priced its petroleum coke at 2,250 RMB/tonne, down 80 RMB/tonne from the previous trading day. The product has a sulfur content of approximately 3.2–3.5%. The company operates an 800,000-tonne/year delayed coking unit with a daily petroleum coke output of 350 tonnes.

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