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☆ Main Street is buying stocks while Wall Street sells: What gives?
▼ + stars: | 2022-12-20 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

But not all traders are on the same ride — the large, institutional investors on Wall Street have shuffled away from markets while Main Street’s retail investors are still strapped in. But despite this year’s lackluster market, investors bought $800 billion of Exchange Traded Funds which are baskets of stocks typically purchased by retail investors. However, Main Street is holding on to its stocks while Wall Street is running for the hills. One simple explanation is that institutional investors are responsible for vast amounts of money that belong to other people. “Respect, for retail investors, is in short supply,” wrote Azalea Micottis at Informa Financial Intelligence, in a recent note.

The aim is to shield European households and businesses from the kind of gas price spikes experienced since Russia's invasion of Ukraine. WHY CAP GAS PRICES? Gas prices have eased in recent months as the EU agreed some emergency measures, including obligations to fill gas storage, but they remain high. The EU price cap would not drop below 180 eur/MWh, even if the LNG price fell to far lower levels. The EU price cap is designed to be a temporary fix that would apply for one year.

EU energy ministers are wrangling over a proposed price cap on gas. European Union nations are engaged in crunch talks to cap gas prices morning, with energy ministers Monday seeming optimistic about a deal following two months of tough negotiations. Runacher said France would be "comfortable" with a range of "160 to 200 euros [eur/MWh], and we feel that this price [range] converges with that of the presidency." On Monday morning, ministers referred to the measure as a "gas market correction mechanism" rather than a cap. European natural gas prices reached historic levels of around 350 euros per megawatt hour in August, when traders were concerned about the bloc's unity in fighting the energy crisis.

☆ Natural gas sinks after EU energy ministers agree to cap prices as Russia's war in Ukraine throttles markets
▼ + stars: | 2022-12-19 | by ( Brian Evans | ) www.businessinsider.com time to read: +2 min

European and US natural gas prices fell on Monday after EU energy ministers agreed to a price cap. Dutch TTF natural gas futures, the European benchmark, sank 7% to 106.95 euros per megawatt-hour. And in the US, which has emerged as top gas supplier since Moscow began cutting flows to Europe, natural gas prices plunged 12% to $5.805 per million British thermal units. European energy ministers are also poised for a showdown with Intercontinental Exchange, which is behind the largest market in Amsterdam. ICE threatened last week to move its market outside of the European Union if the plan to cap prices goes forward, according to the Wall Street Journal.

☆ EU countries make final push for gas price cap deal this year
▼ + stars: | 2022-12-19 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

BRUSSELS, Dec 19 (Reuters) - European Union countries' energy ministers meet in Brussels on Monday to attempt to agree a cap on gas prices - their latest idea to tame Europe's energy crisis but one that countries are still split over. With a few countries' positions still unclear, some EU diplomats said both sides may have enough votes to block a deal. Under the latest proposal, once triggered, the EU gas price cap would prevent trades being done on the front-month to front-year TTF contracts at a price more than 35 eur/MWh above a reference level comprised of liquefied natural gas (LNG) price assessments. The EU price cap would not drop below 188 eur/MWh, even if the LNG price fell to far lower levels. The fate of other EU energy policies also hinges on the gas price cap.

Prices for LNG — a chilled, liquid form of gas that can be transported via sea tankers — are tightly linked to prices for Europe’s natural gas delivered by pipelines. Gas prices spiked to a record high of around €345 ($367) per megawatt hour in August, after Moscow reduced gas deliveries to the continent. TTF gas futures fell back 5% on Monday to hit €107 ($114) per megawatt hour. Other EU measures have included gas storage requirements and a price cap of $60 a barrel on seaborne Russian oil. Germany, the bloc’s biggest economy and one of its largest importers of natural gas, had been the most notable holdout before Monday’s announcement.

☆ ICE warns it could relocate gas trading out of EU if bloc caps price
▼ + stars: | 2022-12-15 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

BRUSSELS, Dec 15 (Reuters) - The Intercontinental Exchange has warned it will consider relocating its gas trading hub to outside of the European Union, if Brussels agrees a plan to cap gas prices. The European Commission, which drafts EU policies, has termed the gas price cap a "market correction mechanism". "It is the responsibility of ICE as the market operator to consider all options if this mechanism is agreed, up to and including whether an effective market in the Netherlands is still viable," ICE said. The TTF is the most liquid gas futures market in Europe, attracting a wide range of gas suppliers, wholesalers and speculators. The European Commission did not immediately respond to a request for comment on ICE's statement.

☆ Europe moves closer on limiting natural gas prices as Brussels looks to protect consumers
▼ + stars: | 2022-12-13 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

The EU is nearing a deal over a cap on gas prices. Helder Faria | Moment | Getty ImagesThe European Union is nearing an agreement over a cap on natural gas prices, with Brussels already starting preparations for the next winter as the global energy crisis shows no signs of going away. EU energy ministers gathered in Brussels, Belgium, on Tuesday to discuss the details over a cap on natural gas prices. Officials have suggested that the cap could land between 180 euros and 220 euros per megawatt hour. This as the International Energy Agency warns there could be a gas shortage of 30 billion cubic meters in 2023.

☆ ICE warns EU gas price cap could see prices rise
▼ + stars: | 2022-12-06 | by ( Kate Abnett | ) www.reuters.com time to read: +3 min

Companies Intercontinental Exchange Inc FollowBRUSSELS, Dec 6 (Reuters) - An exchanges operator has warned the European Union that its proposal to cap gas prices would make it more likely that prices rise to hit the cap, according to a document seen by Reuters. In a memo sent to the Commission, the Intercontinental Exchange (ICE) - which hosts TTF trading - said that proposal could in fact drive prices higher, despite it being designed to cushion EU countries' economies from gas price spikes. The resulting shortage of sellers in the TTF market would drive up prices, it said. "The EU Commission hears the concerns and arguments expressed by the representatives of the European Gas Exchanges. The safeguards include that the Commission could immediately suspend the price cap if it caused negative consequences, including risks to financial stability or gas flows within Europe.

[1/4] U.S. President Joe Biden and French President Emmanuel Macron walk next to a vehicle as they meet for dinner at Fiola Mare restaurant in the Georgetown neighborhood of Washington, U.S., November 30, 2022. REUTERS/Evelyn HocksteinWASHINGTON, Dec 1 (Reuters) - U.S. President Joe Biden and French President Emmanuel Macron will celebrate more than 200 years of U.S.-French relations on Thursday but simmering in the background is a dispute over new American subsidies that has riled Europe. Biden is hosting Macron at the first state visit since the U.S. leader took office in early 2021. Macron and his wife, Brigitte, arrived in Washington on Tuesday for his second state visit to the United States since taking office in 2017. Macron is the first foreign leader to be given a state dinner at the Biden White House, a sign of his importance to Washington despite some differences with the Biden administration.

☆ U.S. Inflation Reduction Act 'super aggressive,' Macron tells lawmakers
▼ + stars: | 2022-11-30 | by ( Michel Rose | ) www.reuters.com time to read: +5 min

WASHINGTON, Nov 30 (Reuters) - French President Emmanuel Macron addressed U.S. lawmakers from both political parties on Wednesday and pushed back over new American subsidies that are riling European leaders, according to a participant in a closed-door meeting. In a meeting with U.S. lawmakers at the Library of Congress, Macron said the act was "super aggressive" toward European companies, one participant told Reuters. [1/3] French President Emmanuel Macron and U.S. Vice President Kamala Harris hold a briefing during a visit to NASA headquarters in Washington, U.S., November 30, 2022. France joined the United States and several other nations in ruling out destructive, direct-ascent anti-satellite missile testing after Russia struck one of its own satellites in orbit last year, creating debris and drawing scorn from the United States and its allies. The United States, which last demonstrated such a missile in 2008, first announced its ban on the tests in April.

☆ It's uncertain if another EU energy agreement will be made, says Kpler
▼ + stars: | 2022-11-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt's uncertain if another EU energy agreement will be made, says KplerRyhana Rasidi of Kpler says that it will be difficult to find a compromise given the high price cap, which will not 'satisfy' countries that are concerned over high energy bills for consumers.

☆ The oil embargo should not have a huge impact, says Wood Mackenzie
▼ + stars: | 2022-11-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe oil embargo should not have a huge impact, says Wood MackenzieMassimo Di Odoardo of Wood Mackenzie discusses the upcoming Dec. 5 emergency energy meeting that EU energy ministers have called.

☆ 'Heated' and 'really ugly': Europe fails to thrash out details on gas price cap as talks turn sour
▼ + stars: | 2022-11-25 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

EU energy ministers fail to agree on a cap for natural gas prices. BRUSSELS — European energy ministers failed to reach a compromise over a cap on natural gas prices after "heated," "ugly" and "tough" discussions. However, the divergences are so acute in Brussels that energy ministers have not managed to find a compromise and instead have convened a new emergency meeting for mid-December. The same official said the conversations were "very tough" because of a "fake price cap." The cap would also only kick in when prices are 58 euros ($60.46) higher than a global LNG (liquefied natural gas) reference price for 10 consecutive trading days within a two-week period.

☆ Glennmont Partners: Renewables solve energy trilemma in Europe
▼ + stars: | 2022-11-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGlennmont Partners: Renewables solve energy trilemma in EuropePeter Dickson, partner at Glennmont Partners discusses the EU energy crisis, energy transition and plans for a gas price cap.

☆ Germany is not blocking EU energy solution but is 'sceptical', minister says
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 24 (Reuters) - Germany is not standing in the way of the European Union's solution to the energy crisis, Economy Minister Robert Habeck told the Handelsblatt daily on Thursday in response to criticism about his country's stance towards plans for a gas price cap. "We're not blocking anything," he said in an interview with the daily and three European newspapers. "But I am sceptical when it comes to a fixed price cap in the market, because it would be either too high or too low," he said. On Tuesday, the European Union executive proposed a gas price cap for the bloc at 275 euros ($286.91) per megawatt hour for month-ahead derivatives on the Dutch exchange that serves as Europe's benchmark. Diplomats have said the proposed level was unlikely to be popular when energy ministers of the bloc's 27 members debate it on Thursday.

☆ EU countries spar over 275 euros/MWh gas cap proposal
▼ + stars: | 2022-11-23 | by ( Gabriela Baczynska | ) www.reuters.com time to read: +3 min

[1/2] Gas installation is pictured at the Cavern Underground Gas Storage (CUGS) Kosakowo facility, near Debogorze, Poland April, 30. After months of infighting in the bloc, the executive European Commission proposed the cap ahead of EU energy ministers talks on Thursday on the bloc's latest emergency measures to alleviate a winter energy crunch. There are as many as 15 EU countries demanding a solid cap. That would mark a considerable change in EU policies given the 27 member countries have so far only agreed to voluntary gas consumption cuts. EU countries must approve the Commission's proposal for it to become law yet with the current split in views, hopes are low that energy ministers can work out the specifics this week.

☆ Europe's gas price cap leaves some nations dismayed, saying it's far too high
▼ + stars: | 2022-11-23 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

Several EU member states are not happy with the bloc's proposed cap on natural gas prices — at 275 euros per megawatt hour — which aims to prevent sky-high costs for consumers. Introducing a cap on gas prices has been one of the more controversial measures for Europe amid an acute energy crisis following Russia's invasion of Ukraine. "So [a] price cap at 275 euro is not a price cap, nobody can, can stand buying gas at this expensive price for a long time. We surely believe that the price cap below 200 euro, between 150 and 200 euro would be more realistic," he added. EU energy ministers are due to meet Thursday to debate the price cap proposal.

☆ A European Union may cap natural gas prices at 275 euros to blunt the energy crisis caused by Russia's war on Ukraine
▼ + stars: | 2022-11-22 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

The European Union's executive arm said Tuesday it's aiming to limit European natural gas prices at €275 per megawatt hour. If approved, the cap would be automatically triggered if two conditions related to benchmark prices are met. EU members have been debating over proposed measures aimed at shielding customers and businesses from energy price spikes. "Gas prices in the EU have fallen since August thanks to demand reduction, mandatory storage filling, diversification of supplies and other measures proposed by the Commission in recent months. But we have been missing in our toolkit a way to prevent and address episodes of excessively high prices," EU Energy Commissioner Kadri Simson said in the statement.

The price cap idea has led to persistent disagreements between the EU's 27 member states. Belgium, Greece, Italy and Poland are among the countries most vocal in calling for a gas price cap to be implemented, while the bloc's largest economy Germany has led the opposition. Historically, the gas price at the TTF hub has been used as a benchmark for LNG deliveries into Europe. PRICE CAP ON RUSSIAN GASThe Commission suggested a Russian gas price cap in September, but dropped the idea after resistance from central and eastern European countries worried Moscow would retaliate by cutting off the gas it still sends to them. Given that fall, some EU diplomats said a price cap would do little to reduce European gas prices, and would function as more of a geopolitical move to cut revenues to Moscow.

☆ European Union executive proposes gas price cap at 275 euros/MWh
▼ + stars: | 2022-11-22 | by ( ) www.cnbc.com time to read: 1 min

European gas prices are expected to drop in the coming months. The European Union executive on Tuesday proposed a gas price cap for the bloc at 275 euros ($282) per megawatt hour for month-ahead derivatives on the Dutch exchange that serve as Europe's benchmark. The cap would be available for one year from Jan. 1, 2023, said EU energy commissioner, Kadri Simson. "We propose to put a ceiling on the TTF (Title Transfer Facility) gas price to protect our people and businesses from extreme price hikes," she said. The idea to cap prices has divided EU countries for many months.

☆ EU expects to be ready for Russia oil price cap Dec. 5 start - officials
▼ + stars: | 2022-11-18 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

The EU will ban Russian crude imports from that date, and Russian oil products from Feb. 5, depriving Russia of oil revenues and forcing one of the world's top oil producers and exporters to seek alternative markets. In addition, a G7 plan, intended as an add-on to the EU embargo, will allow shipping services providers to help to export Russian oil, but only at enforced low prices. "Our sanctions will cover crude for EU member states so we will not buy Russian crude oil starting from December 5 and we covered the possible oil price gap for international buyers with our eighth package of sanctions," EU energy commissioner Kadri Simson said. read moreWashington plans to issue guidance in coming days on the Russian oil price cap and is ready for some "hiccups" in its implementation, a U.S. State Department official said separately. An EU official said that exchanges continued with the G7 in view of the Dec. 5 deadline.

☆ EU to propose natural gas price cap after Nov. 24 meeting
▼ + stars: | 2022-11-16 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

The 27-country European Union has for months debated whether to cap gas prices, as the bloc struggles to contain soaring inflation and energy prices driven by Russia slashing gas supplies to Europe. EU energy commissioner Kadri Simson said the Commission, which drafts EU policies, would propose a cap after a meeting of EU energy ministers on Nov. 24 where they are expected to instruct the bloc's executive to move ahead with the proposal. EU countries are split over whether to cap gas prices. Belgium, Poland, Italy and Greece have demanded Brussels propose a gas price cap before Nov. 24, and threatened to block other EU policies including faster renewable energy permitting rules, if one is not proposed. "In a global commodity market, we cannot attract these volumes unless our (gas) prices are competitive against the other world regions, namely the Asian market."

☆ EU executive to outline gas price 'correction mechanism' on Friday -sources
▼ + stars: | 2022-11-10 | by ( Gabriela Baczynska | ) www.reuters.com time to read: +3 min

BRUSSELS, Nov 10 (Reuters) - The European Commission will propose a gas price "correction mechanism" to the 27 EU states on Friday, a measure aimed at easing price spikes but not the firm cap sought by many countries, according to sources and documents seen by Reuters. The European Union has been in a tug of war over a gas price cap, with a dozen-or-so member countries calling for various versions of such a measure to cut prices amid an acute energy crunch that is driving record-high inflation. But Germany, the bloc's biggest economy, the Netherlands and the EU executive Commission say a cap would risk putting off suppliers and reduce incentives to bring down gas consumption. The Commission told EU countries that a "comprehensive hard" cap on TTF, Europe's main natural gas futures market used as the benchmark price, would all but fail to lower prices while also drawing legal and supply risks, according to an EU diplomat. An EU official said the Commission - at a closed-door meeting with 27 national envoys starting at 0800 GMT on Friday - would outline thinking around a "market correction mechanism" instead, which would amount to "a price corridor" on TTF.

☆ EU Energy Ministers Wrangle Over Emergency Price Cap for Gas
▼ + stars: | 2022-10-25 | by ( Kim Mackrael | ) www.wsj.com time to read: 1 min

BRUSSELS—European Union energy ministers will debate details of a possible emergency limit on natural-gas prices and other proposals meant to tackle the painfully high energy bills resulting from Russia’s economic war with the West. Energy ministers gathered in Luxembourg on Tuesday for a meeting where they are talking about proposals related to the EU’s climate plans. Europe is facing an energy crunch after Russia—once its biggest natural gas supplier—invaded Ukraine earlier this year and sharply constrained supplies of gas to the bloc.

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