'PetroYuan' Futures Surge Limit-Up To Record High As US Sanctions Hit Iran

China's 'petroyuan' oil futures contract spiked tonight by 5% (their daily limit) to a new record high, coinciding with the re-imposition of US sanctions on Iran.

The first of two rounds of US sanctions kicked in at 12:01 am (0431 GMT), targeting Iran's access to US banknotes and key industries, including cars and carpets.

This is the biggest daily move in China's oil futures since the contract's inception in March to a new high of CNY537.2...

Notably decoupling from Brent and WTI futures, suggesting a sudden burst of contract-specific buying demand in the 'petroyuan'...

As Ritesh Jain notes, via Valuewalk.com, the Petroyuan... Tiny, Irrelevant, Nothing. Right? But who would have thought oil will start getting priced in yuan.

China can just bypass Iran sanctions by pricing oil traded in Chinese currency known as Petroyuan...

Comments

Adolfsteinbergovitch Tue, 08/07/2018 - 00:38 Permalink

Europe is certainly buying. 

USA has lost a lot of influence and goodwill recently. And it's not over yet. 

And they won't understand the consequences of it before it's too late for the empire. 

We're still taking it in the ass, but good times are ahead.

 

 

Lore Juggernaut x2 Tue, 08/07/2018 - 01:35 Permalink

The Iran sanctions don't strike me as a Trump move. This is the Deep State behaving in its usual hubristic, narcissistic, inflexible fashion, with policy decisions handicapped by an inflated sense of importance.  The reality is that such moves are really rather dumb, since as we have all observed in recent years, and as evidenced by tonight's article, sanctions drive trade partners AWAY.  I've seen deep analysis to the effect that the (dishonestly-premised) sanctions against Russia, for example, were essential to that country's drive for economic self-sufficiency.  The entire world was moving away already from hegemonic petrodollar protectionism, but arrogant, simplistic and confrontational neoliberalism causes the trend to become more clearly and uniformly reactionary and unnecessarily and unhelpfully adversarial.  The sanctions, among other things, demonstrate disappointing and worrisome absence of finesse.

Of course, it's too late for America to pursue a similar course of reindustrialization / definancialization / etc., because the energy sector in North America is on the verge of collapse, and any hope of "Making America Great Again" in some independent sense should have been initiated 50 years ago, when the neocons and their neoliberal counterparts chose instead to go the globalist / interventionalist route, mucking in everybody else's affairs when they ought with foresight to have been doing the exact opposite. Given all their richly-paid think tanks and their published observations, there is no way in hell that they were not aware of the problem they were creating for the future, but of course, sticking to your own knitting isn't the psychopath's way. 

By implication, the deliberate decision has been made to carry on with business as usual, ensuring that conditions during the Reset will become much more horrible than they would have been otherwise. 

In reply to by Juggernaut x2

lock-stick Adolfsteinbergovitch Tue, 08/07/2018 - 04:33 Permalink

It's all ONE SICK, PATHETIC SPAMMER!!!

•• ssk81646 (above)

•• Adolfsteinbergovitch (above)

•• Free This (below, in all his 7th grade glory - JACKASS  as new icon!)

....and all the while, the pathetic little SPAMMER sits in his leaky, moldy, smelly single wide in Western New York, surrounded by garbage and dirty clothes, trying to find his dick amidst rolls of fat, talking to his ACTION FIGURES and wondering where his life went.

 

It's all ONE SICK, PATHETIC LIDDLE SPAMMER!!!

In reply to by Adolfsteinbergovitch

George Bush League Lore Tue, 08/07/2018 - 06:49 Permalink

" sticking to your own knitting isn't the psychopath's way."  The medical technology is available, mandatory PET/CT brain scans for any person electing to run for political office, law enforcement, civil service, financial services, or any other field that can be negatively impacted by a psychopath.  

They should also pass laws that all government employees and politicians either resign or submit to mandatory PET/CT brain scans to identify all psychopaths and sociopaths. Once they are identified, determine the best way forward to minimize the damage these people cause. Perfect example John Bolton.

If there is a national sex offender registry, then there can be a national Psychopath Registry.

In reply to by Lore

Teamtc321 The central planners Tue, 08/07/2018 - 01:35 Permalink

Stone age? Evolve to what bro? Being a Alinsky-ite? Please do inform bro..... Educate yourself bro......I know, don't hold our breath right? lmao.......... It's so easy to pick you POS off...... Batter up butttard boy.........

Do you get a nickel per post? Just fair game idiot, I can't stand any of you LIBTARDS, AT ALL. So go fuck yourself.  

Just for the record, IMHO, RFK would have kicked Obunga-my hole on winning the peace prize today in his sack and pitched the limp wristed fag, drone bomber out the door. Agree?

HOPE, HOPE AND CHANGE!!! 

In reply to by The central planners

Teamtc321 The central planners Tue, 08/07/2018 - 01:59 Permalink

Wrong LIBTARD, Trump borrowed 1 million from his Dad  before close of business, until the next morning when wire transfers posted so he was liquid overnight......

Again, educate yourself Idiot. And, respond to Obunga-myhole winning the RFK Peace prize today, even though he is drone bomber king while in office. Agree? How many did he kill thru drones? Oh do tell or I will educate your uneducated ass LIBTARD. 

Enjoy how many more years of getting your lips stomped off sunshine? Your a 5 cents per post idiot. Do they give you a rewards card to put the 5 cents per post on at starbucks? lmao

HOPE, HOPE AND CHANGE!!!!

In reply to by The central planners

Teamtc321 The central planners Tue, 08/07/2018 - 02:27 Permalink

From your link provided, Moron.........

"When Ross arrived in Atlantic City, N.J., for negotiations in 1990, he found a throng of journalists and curious onlookers eager to catch a glimpse of Trump, according to "The Vulture Investors," by Hilary Rosenberg. For the quiet Ross, the scene inspired a revelation: Trump's flashy image had resilience.

Ross embarked on a strategy that helped Trump avoid a personal bankruptcy that could have derailed his unlikely trajectory from real-estate mogul to reality television star to president-elect."

---------------------------------------------------------------------

Hey sunshine, do you mean the famed article from the FAILINg LATIMES in 2016 dating back to 1990? That magically dated back to 1990? That proved to be just a touch misleading, at best by all accounts even on the senate confirmation BY LIBTARD Senators? You LIBTARD's are so fucking stupid. 

 

Again cheeseball, before I get bored with your uneducated ass, tell me about your drone boy winning the RFK peace prize today? Or are you just going to ignore being kicked in the nuts? How does it feel to be a Alinsky-ite in the sunlight for all to see? Hey, you did get another 5 cents on your starbucks reward card though, WINNING!!!! 

 

HOPE, HOPE AND CHANGE!!!

In reply to by The central planners

Teamtc321 The central planners Tue, 08/07/2018 - 02:54 Permalink

"Do you insist that a support an idiot that financed terrorist in Syria and neonazis in Ukraine and won the nobel prize just for being black? Common grow up kid."

Are you drunk or is ENGLISH your 3 language?

Obunga-myhole won the nobel within two months of being elected your president, fool. Then came the later financing terrorist with other LIBTARDS like good OL, Valerie J.,   complete failure in ukraine, moron. Where do you think Russia-Fobia comes from fool? 

You are typical Alinsky_ite, nothing but diversion at every step. Fucking idiot LIBTARD. Just a waist of time as usual, so pick your car and pick your lane dumbass. Fuck off and go suck your thumb. You have just shown ZH members your complete stupidity. 

I hope I was instrumental in getting you another Latte at Starbucks on your 5 cents per post rewards card, wake up at noon and enjoy a sip, LIBTARD. 

And stick your support of being black comment up your ass, OBunga-myhole is a piece of shit, I have buddies that are black. Your a race-baiting loser, that is being pinched into a box with your leaders foolish moves.

Its over LIBTARD, you just got MMA'd    

HOPE, HOPE AND CHANGE!!!!

 

In reply to by The central planners

lock-stick vaporland Tue, 08/07/2018 - 03:55 Permalink

It's all ONE SICK, PATHETIC SPAMMER!!!

•• ssk81646 (above)

•• Adolfsteinbergovitch (below)

•• Free This (soon to appear - JACKASS  as new icon!)

....and all the while, the pathetic little SPAMMER sits in his leaky, moldy, smelly single wide in Western New York, surrounded by garbage and dirty clothes, trying to find his dick amidst rolls of fat, talking to his ACTION FIGURES and wondering where his life went.

 

It's all ONE SICK, PATHETIC LIDDLE SPAMMER!!!

 

In reply to by vaporland

alter_ Tue, 08/07/2018 - 00:46 Permalink

PetroYuan is a great idea...2 things that are going the way to the dodo, Chinese currency and fossil fuels in the age of electric car revolution. Sign me up, LOL