OIL: Crude Under Pressure on Report of Planned US-Iran Meeting
Jul-03 14:48
Crude under pressure after Axios reports that US envoy Steve Witkoff’s is planning to meet Iranian Foreign Minister Abbas Araghchi in Oslo next week to restart nuclear talks.
- Axios cited two sources familiar with the matter, who also said that a final date hasn’t been set.
- If the plans go ahead, they would represent the first direct talks since President Trump ordered a military strike on Iranian nuclear facilities last month.
- Witkoff and Araghchi have been in direct contact during and since the 12-day war between Israel and Iran, according to Axios citing sources.
- A key issue in any future talks will be Iran’s stockpile of highly enriched uranium, which includes 400kg enriched to 60%.
- Iran is unable to access the stockpile for now, Axios says, due to damage from the strikes, but it could be recovered once the rubble is cleared.
- Crude has fallen ~$0.5/bbl since the initial headlines, with a return to diplomacy between the US and Iran seen as reducing supply risks amid an ongoing Iran-Israel ceasefire.
- Brent SEP 25 down 0.6% at 68.67$/bbl
- WTI AUG 25 down 0.8% at 66.91$/bbl
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
EURIBOR OPTIONS: Call Condor Close Out
Jun-03 14:40
ERM5 97.875/98.00/98.125/98.25 call condor, sold out at 11 in 10k.
STIR: Back To 50bp Of Fed Cuts For 2025 On Solid JOLTS Report
Jun-03 14:39
- Stronger than expected job openings have seen Fed Funds implied rates rise 1bp for Sep/Oct meetings and 2bp for the Dec 2025.
- Cumulative cuts from 4.33% effective: 0.5bp Jun, 6.5bp Jul, 21.5bp Sep, 35.5bp Oct and 50.5bp Dec.
- It helps some continued paring of last week’s second half decline in implied rates although the Dec’25 is still 6bp lower than levels shortly before Thursday’s dovish jobless claims and GDP revisions.
- The SOFR terminal implied yield of 3.295% (SFRZ6) is 3.5bp higher post-data for 1bp higher on the day.
BOC: Instant Answers For BOC Rate Decision Expected Wed
Jun-03 14:38
Following are the expected Instant Answers for the Bank of Canada interest-rate decision Wed at 945am EST:
- Overnight Rate Target
- Does the Bank signal it is prepared to LOWER rates in the future?
- Does the Bank signal it is prepared to RAISE rates in the future?
- Does the Bank signal it intends to leave rates on hold?
- Does the Bank mention core inflation has been elevated or above the 2% target for headline CPI?
- Does the Bank say the trade war is boosting inflation or inflation expectations?
- Does the Bank say the risks to growth from the trade war appear to have eased?
Related bullets
Related by topic
Gasoil
Marine Oil
Oil Positioning (del)
OPEC
Freight
Jet Fuel
Gasoline
Fuel Oil
Diesel
Oil Options
Energy Data
