News

(1) The German 5-year and 30-year government bond yield curve has flattened over the past few trading days, hitting a low of 76 basis points yesterday before making a slight rebound. The previous low is located at the double bottom of 73 basis points at the end of April, with resistance levels to watch at the breakdown of 82 basis points and the high of 87 basis points. (2) The 5-year yield has rebounded from the recent low of 2.63%, with resistance above at 2.75% and at the trendline of 2.78%. The 30-year yield reversed today after six consecutive trading days of decline, with a low of 3.455% and further downside looking to 3.41% on April 1, resistance at 3.55%, and trend resistance at 3.59%.

According to trade sources, the Abu Dhabi National Oil Company (ADNOC) has issued its fourth crude oil sales tender, with the sales period scheduled from June to August.

(1) Iraq is preparing to export crude oil and naphtha via Syrian ports. An official from Iraq's Ministry of Oil stated that starting in July, the target is to export 50,000 barrels of crude oil per day through Syria, with the first batch of oil tanker transports expected to commence in early July. Even if navigation resumes in the Hormuz Strait, this route will be maintained as part of the government's approved strategy to diversify export channels. (2) During the conflict, Iraq has exported fuel oil through the Mediterranean port of Baniyas to avoid disruptions on major Gulf shipping lanes. Syria plans to open two additional unloading zones and other facilities in Baniyas within a week to handle Iraqi crude oil and naphtha. Currently, Baniyas unloads about 900 oil tankers per day. Iraq's State Oil Marketing Organization (SOMO) will establish an office in Baniyas. (3) This land route faces many challenges: highways have been damaged by years of war, and oil tanker collision incidents have occurred in the past. Syria generates revenue by charging transit fees. A spokesperson for Iraq's Ministry of Oil stated that discussions and cooperation are ongoing with Syria to expand exports through its western neighbor. Syria is also working to repair war-damaged pipelines to replace the oil tanker route; the Iraq-Syria pipeline has a transport capacity of up to 300,000 barrels per day.