MUSALEM: Core inf may be between 2.5% and 3%.

Preliminary U.S. government data show Saudi crude shipments to the U.S. fell to zero in July, the first full month without Saudi crude since 1985. DOE data released Wednesday indicate shipments were fully halted for the month. The drop is notable given U.S. refineries were taking more than 800,000 bpd of Saudi crude earlier this year. Closure of the Strait of Hormuz and other war-related supply disruptions pushed up benchmark-linked crude prices and prompted U.S. refiners to seek alternative supplies. Kpler expects Saudi inflows to the U.S. to resume this month at about 300,000 bpd, near recent normal levels.

Data from a private fund tracker show Chinese equity private funds raised exposure for four consecutive weeks since June 26, with a position index up a cumulative 2.12% to 84.12% as of July 24 — the highest in roughly 220 weeks; the index last exceeded 84% in early April 2022. Managers with positions >80% now account for 70.43%; low-position (20–50%) and cash-heavy (80%, signalling large managers are leading with high net equity exposure.