After the U.S. and Japan secured a trade deal this week, two European diplomats said the European Union was moving towards a deal involving a baseline U.S. tariff of 15% on EU imports, plus possible exemptions.
Under the trade agreement, Japanese goods imported into the United States will face a 15% tariff, lower than the 24% proposed in early April and the 25% tariff President Trump announced earlier this month, effective August 1.
Some sources reported on Thursday that the United States has authorized American companies, including Chevron, to import oil from Venezuela.
As a result, Venezuelan oil exports could rise by just over 200,000 barrels per day, which would be welcome news for U.S. refiners as it would help ease the tight supply of heavier crude, analysts noted.
Prices were supported this week by disruptions to Black Sea oil exports and Azeri BTC crude loadings from the Turkish port of Ceyhan.Now that exports have returned to normal, this support for prices is expected to diminish.
The American Petroleum Institute (API) estimated that U.S. crude oil inventories fell by 577,000 barrels in the week ending July 18.
A meeting of the Joint Ministerial Monitoring Committee, which includes senior ministers from the Organization of the Petroleum Exporting Countries and its allies led by Russia, is scheduled for 1200 GMT on Monday. Four OPEC+ sources told Reuters that the meeting is unlikely to change the group’s current policy, which calls for eight members to increase output by 548,000 barrels per day in August.
European export cargo prices increased. In Rotterdam and the Baltic, bitumen prices rose by $8 to $460/t and $455/t, respectively.
Bitumen prices in the domestic markets of Antwerp, southern Germany, and Italy also climbed to $574/t, $524/t, and $466/t, respectively.
Mediterranean cargo prices increased, tracking gains in regional high-sulphur fuel oil (HSFO) prices, while demand began to slow ahead of the August summer holiday period, which mainly affects Mediterranean countries in Europe. Export cargoes of bitumen in this region rose by $8 to $418/t.
In Asia, export cargo prices were also on the rise. Singapore cargo prices continued to climb amid tight supply, rosing by $3 to $435/t.
In South Korea and Thailand, export cargoes of bitumen were traded at $415/t and $430/t, respectively, marking a $2 increase.
Price trends were mostly steady in sub-Saharan Africa, both in key domestic truck markets such as Nigeria and South Africa and in import prices, although prices for West African cargo imports rose significantly by $6 to $609/t.
Delivered cargo prices in East Africa remained largely unchanged, rising by just $1 to $500/t.
On China’s east coast, Delivered cargo prices also increased by $5 to $450/t.
Iranian bulk export prices fell to $317/t due to weak demand from South Asia, despite tight supply of vacuum bottom (VB) feedstock.