EU Energy Sector Specialist Commentary: Oil - Oils - Utilities - Infrastructure

Research evidence excerpt

EU Energy Sector Specialist Commentary: Oil - Oils - Utilities - Infrastructure

Access: ENI CEO roadshow, Switzerland, July 9th, in person. We are hosting ENI Eni CEO Claudio

Descalzi and Head of Investor Relations and Strategic Analysis Jon Rigby for an in-person roadshow to Zurich and Geneva on

9th July, please let me know if interested in a meeting

Use the links below to jump straight to each section:

Oil Macro and Flows

Company News

Macro News

Global Oil & Gas Research

J.P. Morgan Global Oil & Gas Access

Sector Calendar

J.P. Morgan Global Oil & Gas Contacts

COMMODITIES - Oil softer again as US issues sanctions waiver on Iranian oil

- The US Treasury announced a 60-day sanction waiver for Iranian oil, allowing the regime to sell oil in USD and US refiners to

buy Iranian crude for the first time in almost four decades. Reports say >30m bbls of Iranian crude departed for Asia last week as

the backlog starts to clear, vs <2m bpd average exports before the conflct

- US VP Vance also said that Iran will allow nuclear inspectors back into the country as early as next week

- Iran this morning said that technical talks with the US on implementing the MoU have concluded, with groups to be formed on

sanctions and nuclear issues, with future talks to include the Pakistani and Qatari PMs. Iran’s Parliament Speaker said that the

Strait of Hormuz will never return to pre-conflict conditions

- According to Friday’s CoT, net managed money longs in Brent (futs+opts) reduced to the lowest level in 6 months in the week

to Jun 16th, with spec shorts now at a record high, in line with where we were in December last year.

J. P. Morgan View

- FP sold off ~$2.5 as both sides cited strong progress in negotiations held yesterday in Switzerland, with meetings expected to

continue this week.