CNA938 Rewind - Stock take today: Euro stocks rally, FX swings, PCE in focus
CNA938 Rewind
On the daily markets analysis on Open For Business, Andrea Heng and Susan Ng speak with Jeff Ng, Head of Asia Macro Strategy, Sumitomo Mitsui Banking Corporation
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8 hours ago
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Saudi Arabia cuts July oil prices for Asia to nearly 4-year low after OPEC+ supply boost
Saudi Arabia, the world's biggest oil exporter, cut its July prices for Asian crude buyers to close to the lowest level in four years on Wednesday, in what the market sees as the country's attempt to regain market share. Saudi Arabia has pushed OPEC+ this year to raise its output targets ahead of schedule. OPEC+ has cited healthy demand and low stocks as the reasons behind increasing production. Those reasons would normally prompt producers to raise selling prices. Saudi Arabia's state firm Aramco cut the official selling price for the flagship Arab light crude it sells to Asia for July to $1.20 a barrel above the Oman/Dubai average. The OSP premium for June was $1.40 a barrel and in May it was $1.20. A Reuters survey had expected the price cut for Arab light in July to be 40 to 50 cents. Saudi crude OSPs are usually released around the fifth day of each month, and set the price trend for other grades exported by Iran, Kuwait and Iraq, affecting about 9 million barrels per day of crude bound for Asia. Eight OPEC+ countries met on Saturday and agreed to another big increase of 411,000 bpd for July, having increased by the same amount for May and June. The tables below show the full free-on-board prices for June in U.S. dollars. Saudi term crude supplies to Asia are priced as a differential to the Oman/Dubai average: July June CHANG E SUPER 1.75 1.95 -0.20 LIGHT EXTRA 1.00 1.20 -0.20 LIGHT LIGHT 1.20 1.40 -0.20 MEDIUM 0.75 0.85 -0.10 HEAVY -0.30 -0.30 0 Prices at Ras Tanura destined for United States are set against ASCI: July June CHANG E EXTRA 5.75 5.65 0.10 LIGHT LIGHT 3.50 3.40 0.10 MEDIUM 3.50 3.50 0 HEAVY 3.05 3.05 0 Prices at Ras Tanura destined for Northwest Europe are set against ICE Brent: July June CHANG E EXTRA 4.85 3.05 1.80 LIGHT LIGHT 3.25 1.45 1.80 MEDIUM 2.45 0.65 1.80 HEAVY 0.05 -1.75 1.80 Prices at Ras Tanura for Saudi oil destined for the Mediterranean are set against ICE Brent: July June CHANG E EXTRA 4.75 2.95 1.80 LIGHT LIGHT 3.05 1.25 1.80 MEDIUM 2.45 0.65 1.80 HEAVY -0.25 -2.05 1.80
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8 hours ago
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11 hours ago
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Australia DPM Richard Marles visits India to strengthen defence ties
Australia's Deputy Prime Minister and Minister of Defence Richard Marles is in India, where he has held high-level talks. He discussed regional and global security issues with his Indian counterpart Rajnath Singh. Australia has been looking to bolster regional ties, amid China's growing military presence. Canberra has also been under pressure to increase military spending, and strengthen engagement with Indo Pacific allies. India is the third stop on Mr Marles' tour of South and Southeast Asia. Rebecca Bundhun reports from Mumbai.
