Crude oil inventories in the United States dropped by 3.9 million barrels in the week that ended July 19, private data from the American Petroleum Institute (API) showed on Tuesday. Meanwhile, reserves in Cushing, Oklahoma, allegedly decreased by 1.6 million barrels. Gasoline stockpiles declined by 2.8 million barrels, while distillate inventories went down by 1.5 million barrels, according to the reported data.
The Iran-backed Houthis are preparing to strike new sensitive targets in Israel and the region, according to sources from Yemen’s capital Sana’a quoted by the Lebanese Hezbollah-affiliated daily Al-Akhbar. Sources close to the Yemeni militia quoted by Al-Akhbar say that in response to the Israeli retaliatory strike on the Houthi-controlled Hodeida port in western Yemen on Saturday, itself a response to a deadly Houthi drone attack on Tel Aviv, Houthi military leaders have added new items to their “target bank.” The Yemeni rebel group — in cooperation with other members of the Axis of Resistance, Iran-backed paramilitary groups in Lebanon, Iraq and Syria — is said to be planning to hit the Israeli Mediterranean ports of Ashdod, Ashkelon and Haifa, in addition to the Red Sea port of Eilat.
The Israeli gas fields in the Mediterranean are now also said to be in the Houthis’ crosshairs, as well as oil tankers transporting fuel from Azerbaijan and Kazakhstan to Israel through the Eastern Mediterranean.
The Houthis are also said to be planning to target maritime trade in the Mediterranean Sea and the Indian Ocean and the rebel group is said to aim to use long-range projectiles to target “enemy maritime trade” directed toward the Cape of Good Hope along African coasts. The route is much longer than the one through the Suez Canal, but has become increasingly popular since the Houthis began targeting ships transiting through the Red Sea with alleged connections to Israel, the United States or Britain. NN: Blowing Israel oil fields is a event that is doable and likely
The prices of oil futures declined on Tuesday with traders waiting for the American Petroleum Institute’s (API) 4:30 report today. That will reveal the volume of oil stockpiles in the United States amid supply pressures in the limelight. Market participants were also looking ahead to the OPEC+ meeting set for August 1 and evaluating the mounting anticipation of a ceasefire in Gaza, as it could potentially decrease the risk of supply disruptions. West Texas Intermediate (WTI) for September’s settlements as of this posting is sold for $76.73 per barrel. Brent for September’s deliveries de $1.85 per barrel. NN: We are still buying here. And I am not so sure there will be a Gaza peace deal.
United States Secret Service Director Kimberly Cheatle (pictured) decided to step down from her position after the agency failed to prevent an attempted assassination of former President Donald Trump, ABC News reported on Monday citing sources with knowledge of the subject.
More to come…
China’s Foreign Minister Wang Yi stated on Tuesday that 14 Palestinian factions reached an agreement on forming an “interim national reconciliation government” that would govern the Gaza Strip after the war, AFP reported. The 14 factions, including Hamas and Fatah, met in Beijing this week in a bid to reach reconciliation. Wang emphasized that the highlight of the talks had been “the agreement to form an interim national reconciliation government around the governance of post-war Gaza.” “Reconciliation is an internal matter for the Palestinian factions, but at the same time, it cannot be achieved without the support of the international community,” Wang said following the signing of the “Beijing declaration” by the factions. NN: Its getting uglier out there. It’s the Lebanon game plan Put the terrorists in charge so Iran gets its hooks in deeper.
Vice President Kamala Harris’s campaign revealed on Tuesday that she has raised $100 million since announcing her presidential bid on Sunday. The Harris campaign declared that this substantial fundraising effort took place between Sunday afternoon and Monday night. All eyes are on Harris as she holds her first-ever campaign rally this Tuesday in Milwaukee. Earlier, it was known that she had secured the commitment of enough delegates to become the presumptive Democratic nominee for president. NN: If you are not worried you should be
United States Vice President Kamala Harris said that she’s “looking forward” to formally accepting the Democratic nomination “soon,” Axios reported, citing an emailed statement. Her comments came after a survey conducted by the Associated Press showed that she had surpassed the benchmark number of delegates needed to become her party’s presumptive nominee. “Tonight, I am proud to have secured the broad support needed to become our party’s nominee, and as a daughter of California, I am proud that my home state’s delegation helped put our campaign over the top,” Harris continued. She thanked US President Joe Biden and the Democratic Party for their support.
“This election will present a clear choice between two different visions. Donald Trump wants to take our country back to a time before many of us had full freedoms and equal rights,” Harris added.
The Iranian Revolutionary Guard Corps (IRGC) Navy detained a container ship managed by the UAE and flew the flag of Togo, approximately 61 nautical miles away from Bushehr, Iran. According to the British security firm Ambrey, the IRGC intended to confiscate around 1,500 tonnes of gas oil and apprehend the ship’s crew in a “counter-smuggling operation.” The vessel had reportedly loaded marine gas oil in Iraq and was en route to Sharjah in the United Arab Emirates. According to the agency, this detention is not believed “to be politically motivated” and is not categorized as a “war event.”
Crude oil prices for front-month deliveries pulled back on Monday as geopolitical woes fueled up concerns about the commodity’s demand. The downturn may be attributed to the alleged progress made in ceasefire negotiations between Israel and Hamas and the anticipation that the Federal Reserve will initiate a reduction in interest rates during its September meeting. Investors are also evaluating the implications of US President Joe Biden’s decision to quit his reelection campaign and extend his support to Vice President Kamala Harris.
For September contracts, West Texas Intermediate (WTI) fell 1.12% to sell at $78.78 a barrel at 10:07 am ET. Brent for September settlements dipped 1% to $81.83 per barrel.
The odd details from the July 13, 2024, attempt to assassinate former President Donald Trump just keep piling up. We keep learning more about what happened, but it still isn’t making any sense.