- A small number of shipowners still transporting Russian crude are making significant profits on at least one route, while others avoid the trade (BBG)
- Shipping Russian ESPO oil from the eastern Russian port of Kozmino to China can bring in almost $1.6 million, said shipbrokers
- That is around three times what it was before the invasion of Ukraine, according to Bloomberg
- The majority of ESPO exports in recent months have gone to or are headed towards Chinese ports, with occasional shipments traveling to India
- Saudi Arabia raised oil prices for its largest market, Asia, for August due to indications that underlying demand is still strong despite mounting recessionary concerns
- Saudi Aramco increased the price of its key Arab Light crude grade for Asian buyers by $2.80/Bbl from July to $9.30 over the regional benchmark, almost a record high
- The world's largest independent oil trader, Vitol Group, issued a warning on Sunday, saying that demand was beginning to be impacted by high prices
- Meanwhile, Citigroup Inc. projected that the price of crude will most likely fall to $85/Bbl by the end of 2022 and may possibly reach $65 in the event of a severe recession
- U.S. imports of European gasoline increased week over week by 57% in the last seven days of June in anticipation of the Fourth of July holiday (BBG)
- The week's European gasoline arrivals increased to 345 MBbl/d from the previous week's revised 220 MBbl/d, which was the lowest level since late March
- A total of 2.415 MMBbl were delivered at ports throughout the U.S. East Coast by twelve vessels