CITIC Securities CICC: Saudi Aramco’s Ras Tanura Oil Terminal Resumes Loading

Saudi Aramco’s Ras Tanura crude oil terminal resumed loading operations on June 26 after being shut since early March due to geopolitical conflict and restrictions on passage through the Strait of Hormuz, forcing crude exports to be rerouted via Yanbu on the Red Sea, according to Jiemian News citing a China Securities CICC research note. The report also said EU imports of U.S. liquefied natural gas (LNG) fell to a two-year low as Europe’s TTF benchmark price was $13.19 per million British thermal units, below Asia’s $17.33, prompting U.S. LNG cargoes to shift to Asia and Egypt; LSEG data showed European buyers imported less than half the prior level in June. The EU had signed a trade agreement with the U.S. in July 2025 committing to buy $750 billion of U.S. energy products over three years, while EU gas inventories fell to their lowest winter level in 15 years amid Middle East tensions and supply disruptions from Qatar; a think tank forecast the EU’s reliance on U.S. LNG could rise to 80% from 58% last year.