The October Brent futures contract has been consistently declining all morning, falling from $81.60/bbl at 07:50 BST to $81.05/bbl as of 11:20 BST (time of writing). Oil prices are now on track to print a third consecutive weekly decline, having begun the week above $82/bbl. As per data by Vortexa, 23 cargoes, or a total of 45mb, of Iranian crude oil were discharged in China’s port and refining city, Dalian. This data included 28mb discharged at Changxing Island, 85km northwest of central Dalian. Kpler, on the other hand, estimates that China imported 34mb of Iranian crude oil into Dalian at this time. In other news, Mexico is looking to import more motor fuel for 2025 than previously planned in an attempt to compensate for delays in the startup of the Olmeca refinery. In the UK, a Reuters poll showed that many economists expect an interest rate cut in the Bank of England’s meeting on August 01 and interest rate futures display a 50% chance of a quarter-point rate cut. Finally, at the time of writing, the Oct/Nov and Oct/April’25 Brent futures spreads stand at $0.80/bbl and $3/bbl, respectively.
