Saudi Arabia drastically cut crude oil prices, with the largest drop in at least 26 years.
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Shipping data: At least five very large crude carriers (VLCCs) loaded with crude oil from Saudi Arabia have sailed out of the Strait of Hormuz.
According to trade sources and shipping data, at least five very large crude carriers (Odaily) have loaded a total of 10 million barrels of Saudi crude oil from Saudi Arabia's Ras Tanura port and have sailed out of the Strait of Hormuz. (Jinshi)
Sources indicate that Saudi Arabia plans to expand its oil pipeline along the Red Sea, bypassing the Strait of Hormuz and increasing its daily transport capacity by 2 million barrels.
According to five sources familiar with the Odaily, Saudi Arabia is considering expanding the capacity of its crude oil pipeline to the west coast of the Red Sea, enabling Saudi Arabia and its neighbors to transport more oil without passing through the Strait of Hormuz. Built in the early 1980s, this east-west pipeline has become increasingly strategically important since the outbreak of the Iran-Iraq War in February and the disruption of shipping through the Strait of Hormuz. The pipeline can transport up to 7 million barrels of crude oil per day to the Red Sea port of Yanbu. In May, the CEO of Saudi Aramco stated that approximately 2 million barrels would supply refineries on the west coast, and about 5 million barrels would be exported. Sources say that Saudi Arabia is in preliminary discussions with some neighboring countries regarding pipeline expansion, planning to add approximately 2 million barrels of pipeline capacity per day. It is unclear whether Aramco's planned expansion involves upgrading existing infrastructure or building a new pipeline. One source said the expansion plan also includes a smaller refined oil pipeline. Two sources said the expansion could be between 1 million and 2 million barrels per day, with refined oil products also under consideration. Another source indicated that the project would take several years, cost billions of dollars, and require adjustments to Saudi Arabia's crude oil pricing mechanism. (Jinshi)
A long-held crude oil whale positions for three months suffered a margin call of 12.3 million shares, and oil prices have completely reversed the gains made after the US-Iran conflict.
According to BlockBeats, on July 1st, Hyperinsight monitoring showed that WTI crude oil fell below $69. The largest whale(0x007d) on Hyperliquid's WTIOIL was liquidated twice within about an hour, totaling 180,000 contracts, with an average price of about $68.35, resulting in a loss of about $3.463 million. The whale originally held a long position in WTIOIL with 20x leverage, with an average entry price of $87.59 and a liquidation price of approximately $68.56. In the first round of forced liquidation, 36,000 CL were liquidated, resulting in a loss of approximately $690,000; subsequently, all 144,000 CL were liquidated, resulting in a loss of approximately $2,773,000. Based on the initial margin, this position ultimately lost over 410% of its principal. This long position's liquidation line was set at the oil price level before the US-Iran conflict. According to contract pricing, the US-Iran conflict began with the first round of airstrikes on February 28th, and oil prices were around $68.5 that day. Subsequently, driven by geopolitical risks, prices surged to around $118, representing an increase of approximately 72%. This whale(large position holder) did not close its position at the high oil price level. As crude oil prices continued to fall from their peak, the position was eventually liquidated by the system around $68.35, erasing all gains since February 28th, and is currently trading at $68.8. On-chain data shows that large holders of WTI crude oil positions are generally bearish. The notional size of short positions in the millions of dollars is approximately $61.46 million, which is 2.32 times that of long positions of approximately $26.46 million; the average entry price of long positions is approximately $84.27, and the overall position is already deeply underwater.
Both WTI and Brent crude oil prices fell by about $1 in the short term, while spot gold rose by about $20 in the short term.
According to Odaily data, WTI and Brent crude oil prices fell by about $1 in the short term, while spot gold rose by about $20. In terms of news, Trump did not reiterate his intention to terminate the interim agreement with Iran during the NATO summit.
Both WTI and Brent crude oil prices rose by more than 3% during the day.
According to Odaily data, both WTI and Brent crude oil prices rose by more than 3% intraday, currently trading at $74.18/barrel and $78.08/barrel respectively.
Crude oil prices rebounded slightly, with Gate CLUSDT (WTI crude oil) and BZUSDT (Brent crude oil) contracts ranking among the top in the industry.
According to ChainCatcher, international crude oil prices have recently rebounded after fluctuations, and the energy market remains active. Data from the Gate platform shows that WTI crude oil (CLUSDT) reached a high of $72.80 in the past 24 hours, currently trading at $72.43, a 24-hour increase of 4.79%; Brent crude oil (BZUSDT) reached a high of $76.52 in the past 24 hours, currently trading at $76.13, a 24-hour increase of 4.96%. CoinGlass data shows that Gate CLUSDT contracts had a 24-hour trading volume of $8.2895 million and an open interest of approximately $8.2299 million; BZUSDT contracts had a 24-hour trading volume of $3.3371 million and an open interest of approximately $2.7695 million, both ranking among the top in the industry.