House To Vote on War Powers Resolution To End US Support for Israel’s War in Lebanon

China's Refiners Slash Runs To Lowest Since 2017, As Asia Refiners Slow Purchases Of Mid-East Oil A little over a month ago, we explained that energy traders are "Traders Puzzled As Physical Oil Prices Tumble Amid Surging Chinese Crude Sales, Plunging Imports", and highlighted how already razor-thin independent refiner (teapot) margins had plunged to record negative as a result of the war in Iran and government policies meant to keep prices from rising. Fast forward to today when the previously discussed dynamics have gotten progressively worse, and this morning Bloomnberg writes that...

Bibi Makes Crystal Clear That Toppling Iran Is Israel's 'Central Mission, Within Reach' The Trump White House is reportedly looking to try and keep things 'quiet' related to the Iran war and Strait of Hormuz leading into the November midterms, after an intense flare-up in fighting this week. "Top aides to President Donald Trump are pushing to keep the Iran war from escalating before November's midterm elections to staunch Republican electoral losses, four people familiar with the discussions said, a strategy already under strain as the U.S. and Iran exchanged back-and-forth attacks overnight," Reuters reports. However, over in Israel...

Soaring Imports Push India's Crude Stocks To Near 1-Year High India’s strategic and commercial crude oil inventories have jumped to a nearly one-year high as the world’s third-largest crude oil buyer boosted its imports to a record high in June, OilPrice reported. As at the end of June, India’s crude oil stocks held in strategic, commercial, and refinery storage had increased to 104 million barrels, up from 90.5 million barrels at the end of April, according to data from commodity intelligence provider Kpler cited by Indian outlet Economic Times. Before the Iran...