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☆ Poland ready for Russian oil ban, says minister
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +2 min

The Group of Seven (G7) nations and allies including Poland this month agreed a $60 per barrel price cap on Russian seaborne crude. In response, President Vladimir Putin on Tuesday signed a decree that bans the supply of crude oil and oil products from Feb. 1 for five months to nations abiding by the cap. Poland has been gradually reducing its intake of Russian oil, and after the start of the war in Ukraine stopped buying seaborne Russian oil, top refiner PKN Orlen said. "We are prepared to process all types of crude oil, this is our advantage," Minister of Climate and Environment Anna Moskwa told a news conference. Moskwa also said that she believed the next EU sanctions package would include a decision on banning Russian oil.

☆ Russia's Transneft receives Polish and German requests for oil
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +3 min

The EU has pledged to stop buying Russian oil via maritime routes from Dec. 5, with Western nations also imposing price caps on Russian crude oil, but the Druzhba pipeline remains exempt from sanctions. And now we have received requests from Polish consumers: give us 3 million tonnes next year, and 360,000 tonnes for December, and Germany has already submitted a request for the first quarter," Transneft head Nikolay Tokarev said on Tuesday. Transneft, which handles more than 80% of total oil produced in Russia, has cranked up oil exports by a fifth this year, he added. Tokarev also said that oil supplies via the southern spur of Druzhba, which transports oil through Ukraine to Slovakia and the Czech Republic, will remain unchanged next year thanks to a ssanctions exception. Exports via the far eastern port of Kozmino are expected to total 42 million tonnes this year, exceeding usual annual capacity of 30 million tonnes, Tokarev said.

[1/2] Drivers wait for fuel at a gas station of Hungarian oil company MOL Group in Budapest, Hungary, December 5, 2022. MOL, Hungary's main oil and gas group, has said the price cap was unsustainable as major players stopped importing fuel due to low prices, aggravating the shortage. "In the past days, the oil sanctions of Brussels took effect and what we had been afraid of, has actually happened. From now on there are sanctions prices on petrol across entire Europe," Orban said on Facebook, adding the government will "take away the extra profits generated by this" and redirect them to the state budget. At 1218 GMT, its shares traded 1.8% lower, reversing earlier gains of around 3% after the fuel price cap was ditched overnight.

☆ The West just scrambled the oil market. What happens next is up to Russia
▼ + stars: | 2022-12-05 | by ( Julia Horowitz | ) edition.cnn.com time to read: +7 min

The European Union now prohibits Russian crude oil imports by sea, setting up the bloc to have phased out 90% of oil imports from Russia. It’s a huge move given that Europe received roughly a third of its oil imports from Russia in 2021. In 2021, the EU imported €48 billion ($50.7 billion) worth of crude oil and €23 billion ($24.3 billion) of refined oil products from Russia. Countries like Poland and Estonia wanted a lower price cap, emphasizing that $60 is too close to the current market price for Russian oil. “Today’s oil price cap agreement is a step in right direction, but this is not enough,” Estonian foreign minister Urmas Reinsalu tweeted Friday.

☆ EU sanctions on Russian oil take effect on Monday - here's what to expect and why the price cap may not yield any real results
▼ + stars: | 2022-12-02 | by ( Brian Evans | ) www.businessinsider.com time to read: +4 min

EU officials have agreed to set a price cap on Russian oil at $60 a barrel. Starting Monday, seaborne imports of Russian oil into the EU will be banned, as will European insurance and shipping services for vessels carrying Russian oil anywhere in the world. How would the oil price cap work? At the same time, the EU, G7 member countries, and Australia are participating in the price cap on Russian oil. But the EU ban on Russian oil supersedes a price cap, Energy Aspects analyst Amrita Sen has pointed out.

☆ Beyond the spa: geothermal bubbles up to heat Hungary's homes
▼ + stars: | 2022-12-01 | by ( Krisztina Fenyo | ) www.reuters.com time to read: +3 min

SZEGED, Hungary, Dec 1 (Reuters) - Balazs Veres and his family used to live in one of Hungary's many blocks of flats kept warm by communal heating that relied on Russian gas. They can hardly believe their luck after moving in March into a flat heated by some of Hungary's ample reserves of geothermal energy. Veres, 31, said he had been looking for a home with renewable energy but the geothermal heating had not been the primary reason for their choice. According to the latest available figures from the International Energy Agency (IEA), geothermal energy accounted for only 5% of Hungary's renewables, which made up 14.8% of final consumption. The geothermal water that eventually heats the floor of the Veres' flat will have first warmed up the Szeged city hall, several educational institutions and other flats.

Summary Brent, WTI fall for third consecutive weekEU delays talks on Russian oil price cap until next weekPoland seeks German support for EU sanctions on pipelineNEW YORK, Nov 25 (Reuters) - Oil prices fell 2% on Friday in thin market liquidity, closing a week marked by worries about Chinese demand and haggling over a Western price cap on Russian oil. Brent crude futures settled down $1.71, or 2%, to trade at $83.63 a barrel, having retraced some earlier gains. U.S. West Texas Intermediate (WTI) crude futures were down $1.66, or 2.1%, at $76.28 a barrel. This is starting to hit fuel demand, with traffic drifting down and implied oil demand around 1 million barrels per day lower than average, an ANZ note showed. Meanwhile, G7 and European Union diplomats have been discussing a Russian oil price cap between $65 and $70 a barrel, but an agreement has still not been reached.

☆ Exclusive: Poland seeking German support to sanction Russian Druzhba oil pipeline
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +3 min

The EU has pledged to stop buying Russian oil via maritime routes from Dec. 5 but Druzhba is currently exempt from sanctions. The southern section of the pipeline supplies Hungary, Slovakia and the Czech Republic which, unlike Poland and Germany, would struggle to diversify their oil imports. Poland and Germany promised in spring to try to end Russian oil imports via Druzhba's northern leg by the end of year but Orlen remains tied to its contract with Russian oil and gas company Tatneft. The company has already cut its reliance on Russian oil to 30% of its requirement, replacing it with deliveries from Saudi Arabia and Norway among others. Kommersant newspaper reported earlier this month that Orlen had submitted an application to the Russian oil pipeline operator Transneft for the supply of 3 million tonnes of oil to Poland through Druzhba in 2023.

☆ Oil company MOL curbs fuel supplies as Russian imports fall 'substantially'
▼ + stars: | 2022-11-18 | by ( ) www.reuters.com time to read: +1 min

Companies MOL Magyar Olajes Gazipari Nyrt FollowBUDAPEST, Nov 18 (Reuters) - Hungarian oil and gas group MOL (MOLB.BU) said it was temporarily curbing fuel deliveries to some retailers as oil supplies from Russia fell "substantially" below normal levels, the company told state news agency MTI on Friday. Hungarian Foreign Minister Peter Szijjarto said on Wednesday that oil shipments via the pipeline have restarted. But MOL told MTI on Friday that Hungary's oil imports have fallen as deliveries via the pipeline resumed only at a low pressure. MOL also said maintenance at its main Danube refinery in Hungary caused a drop in capacity, affecting all of its products. MOL spokespeople did not immediately respond to questions about when normal oil flows could resume.

☆ Shares and pound splutter as UK dishes out budget gruel
▼ + stars: | 2022-11-17 | by ( Marc Jones | ) www.reuters.com time to read: +6 min

[1/3] Pound and Dollar banknotes are seen in this picture illustration taken June 13, 2017. Pound and UK Gilt recover from 'mini budget' turmoilOvernight in Asia, grim signals from Micron Technology about excess inventories and sluggish demand sent chipmaker stocks sprawling. Mainland Chinese shares also wobbled, with blue chips there (.CSI300) falling 0.5% having ripped 10% higher this month. Traders will also scrutinise speeches from Fed officials on Thursday for hints about rate hikes. Crude oil steadied in Europe after settling more than a dollar lower overnight, following the resumption of Russian oil shipments via the Druzhba pipeline to Hungary and as rising COVID-19 cases in China weighed on sentiment.

☆ Chip stocks hammered in Asia, dollar firms on hawkish Fed
▼ + stars: | 2022-11-17 | by ( Kevin Buckland | Yousef Saba | ) www.reuters.com time to read: +4 min

TOKYO, Nov 17 (Reuters) - Chip stocks took a beating on Thursday, sending most Asian share indexes lower, after grim signals from Micron Technology overnight about excess inventories and sluggish demand. Meanwhile, the U.S. dollar rebounded after stronger-than-expected U.S. retail sales suggested the Federal Reserve was unlikely to ease up in its battle with inflation. Hong Kong's Hang Seng Index (.HSI) tumbled 2.1%, with its tech stocks (.HSTECH) slipping more than 4%. Japan's Nikkei (.N225) lost 0.3% and South Korea's Kospi (.KS11) dropped 1.1%, each led by declines in heavyweight chip players. The U.S. dollar index - which measures the currency against six major counterparts - added 0.13% to 106.41, stabilizing after a slide as low as 105.30 on Tuesday following the release of producer price inflation numbers.

SINGAPORE, Nov 17 (Reuters) - Oil prices extended declines on Thursday as concerns over geopolitical tensions eased, while rising numbers of COVID-19 cases in China added to demand worries in the world's largest crude importer. Brent crude futures fell by $1.04, or 1.1%, to $91.82 a barrel by 0430 GMT. On Wednesday Brent dropped by 1.1% and WTI 1.5% after Russian oil shipments via the Druzhba pipeline to Hungary restarted. "Crude oil fell after NATO cleared Russia's missile attack on Poland, while demand concerns (are) back to trader's focus amid ongoing China's COVID curbs and gloomy global economic outlooks," said Tina Teng, an analyst at CMC Markets. Sustained concerns about weak demand in China are also "keeping markets grounded," said Stephen Innes, managing partner at SPI Asset Management.

Meanwhile, the U.S. dollar rebounded after stronger-than-expected U.S. retail sales suggested the Federal Reserve was unlikely to ease up in its battle with inflation. That fuelled concerns about the economic outlook, with the U.S. Treasury yield curve remaining deeply inverted in Tokyo trading and suggesting that investors are braced for recession. Hong Kong's Hang Seng Index (.HSI) tumbled 2.7%, with its tech stocks (.HSTECH) slipping more than 5%. Japan's Nikkei (.N225) lost 0.4% and South Korea's Kospi (.KS11) dropped 1.1%, each led by declines in heavyweight chip players. The U.S. dollar index - which measures the currency against six major counterparts - added 0.28% to 106.57, rebounding from a slide as low as 105.30 on Tuesday following the release of producer price inflation numbers.

☆ Oil falls as geopolitical tensions ease, China COVID concerns return
▼ + stars: | 2022-11-17 | by ( Emily Chow | ) www.reuters.com time to read: +2 min

U.S. West Texas Intermediate (WTI) crude futures fell 65 cents, or 0.8%, to $84.94 a barrel. Brent dropped by 1.1% and WTI declined by 1.5% on Wednesday after Russian oil shipments via the Druzhba pipeline to Hungary restarted. "Crude oil fell after NATO cleared Russia's missile attack on Poland, while demand concerns (are) back to trader's focus amid ongoing China's COVID curbs and gloomy global economic outlooks," said Tina Teng, an analyst at CMC Markets. Oil prices eased despite a larger-than-expected draw in crude oil stockpiles in the United States, added Teng. read moreSustained concerns of demand weakness in China are also "keeping markets grounded," said Stephen Innes, managing partner at SPI Asset Management, as it continues to report more COVID cases in major cities.

☆ Asian stocks mixed, dollar finds footing as traders assess Fed outlook
▼ + stars: | 2022-11-17 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

TOKYO, Nov 17 (Reuters) - Asian stocks were mixed on Thursday while the U.S. dollar stabilized and Treasury yields remained depressed as investors tried to assess the outlook for Federal Reserve policy following stronger-than-expected retail sales data. Renewed expectations the Fed will keep hiking rates have increased concerns about the economic outlook. The U.S. Treasury yield curve remained deeply inverted in Tokyo trading, suggesting investors are bracing for recession. U.S. e-mini stock futures , though, indicated a 0.3% rebound at the reopen following the S&P 500's (.SPX) 0.8% overnight retreat. However, traders still see the terminal rate as close to 5% by next summer from the currency policy rate of 3.75-4%.

☆ Oil falls as geopolitical tensions ease, China Covid concerns return
▼ + stars: | 2022-11-17 | by ( ) www.cnbc.com time to read: +2 min

Oil prices fell for a second day in early Asian trade on Thursday as concerns over geopolitical tensions eased and rising numbers of Covid-19 cases in China added to demand worries in the world's largest crude importer. U.S. West Texas Intermediate (WTI) crude futures fell 65 cents, or 0.8%, to $84.94 a barrel. Brent dropped by 1.1% and WTI declined by 1.5% on Wednesday after Russian oil shipments via the Druzhba pipeline to Hungary restarted. "Crude oil fell after NATO cleared Russia's missile attack on Poland, while demand concerns (are) back to trader's focus amid ongoing China's Covid curbs and gloomy global economic outlooks," said Tina Teng, an analyst at CMC Markets. Oil prices eased despite a larger-than-expected draw in crude oil stockpiles in the United States, added Teng.

"The softer inflation data took some wind out of the dollar's sails," said Joe Manimbo, senior market analyst at Convera in Washington. "The dollar is steadier because we're having this residual, geopolitical skittishness as well as signs of a fairly sturdy U.S. economic backbone in the forms of U.S. retail sales." Retail sales rose 1.3% in October, more than the 1.0% increase that economists polled by Reuters had forecast. The dollar briefly pared losses on release of the retail sales data, but later fell against the euro to trade little changed against major currencies. Yields fell further on the market's benign inflation outlook.

☆ Asian stocks shaken by blast in Poland, dollar gains
▼ + stars: | 2022-11-16 | by ( Xie Yu | ) www.reuters.com time to read: +2 min

HONG KONG, Nov 16 (Reuters) - Asian stocks dropped and the dollar gained on Wednesday after blasts in Poland that Ukraine and Polish authorities said were caused by Russian-made missiles. The potential for a further ratcheting up of geopolitical tensions saw MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) lose 0.6%. Australian shares (.AXJO) fell 0.5%, while Japan's Nikkei stock index (.N225) dropped 0.76%. NATO member Poland said on Wednesday that a Russian-made rocket killed two people in eastern Poland near Ukraine, and it summoned Russia's ambassador to Warsaw for an explanation after Moscow denied it was responsible. read moreThe dollar rose against major peers, led by a 0.3% advance versus the yen .

☆ Oil prices steady as China COVID worries outweigh supply concerns
▼ + stars: | 2022-11-16 | by ( Isabel Kua | ) www.reuters.com time to read: +2 min

SINGAPORE (Reuters) - Oil prices were little changed on Wednesday as COVID-19 cases in China continued to climb, sparking worries of lower fuel demand in the world’s top crude importer, and outweighing concerns about an escalation of geopolitical tensions and tighter oil supply. Oil prices settled higher on Tuesday after oil supply to parts of Eastern and Central Europe via a section of the Druzhba pipeline was temporarily suspended, according to oil pipeline operators in Hungary and Slovakia. That has dampened oil demand growth outlook with the International Energy Agency (IEA) forecast demand growth slowing to 1.6 million bpd in 2023 from 2.1 million bpd this year. Earlier, the Organization of the Petroleum Exporting Countries (OPEC) cut its forecast for 2022 global oil demand growth for a fifth time since April citing mounting economic challenges. Industry data showing a bigger-than-expected drop in U.S. crude stockpiles provided some support to oil prices.

☆ Oil prices slip as China COVID worries, firmer dollar outweigh supply concerns
▼ + stars: | 2022-11-16 | by ( Isabel Kua | ) www.reuters.com time to read: +3 min

Oil prices settled higher on Tuesday after oil supply to parts of Eastern and Central Europe via a section of the Druzhba pipeline was temporarily suspended, according to oil pipeline operators in Hungary and Slovakia. U.S. President Joe Biden’s comments that the missile was probably not fired from Russia also helped to ease immediate escalation worries, Innes said. That has dampened the oil demand growth outlook, with the International Energy Agency (IEA) forecasting demand growth to slow to 1.6 million bpd in 2023 from 2.1 million bpd this year. Earlier, the Organization of the Petroleum Exporting Countries (OPEC) cut its forecast for 2022 global oil demand growth for a fifth time since April citing mounting economic challenges. Industry data showing a bigger-than-expected drop in U.S. crude stockpiles provided some support to oil prices.

☆ Oil prices ease as China COVID concerns outweigh supply woes
▼ + stars: | 2022-11-16 | by ( Isabel Kua | ) www.reuters.com time to read: +3 min

Oil prices settled higher on Tuesday after oil supply to parts of Eastern and Central Europe via a section of the Druzhba pipeline was temporarily suspended, according to oil pipeline operators in Hungary and Slovakia. “From all accounts, China is persisting with its zero-COVID policy, which is a natural dampener for oil market sentiment,” said Vandana Hari, founder of Vanda Insights in Singapore. That has dampened the oil demand growth outlook, with the International Energy Agency (IEA) forecasting demand growth to slow to 1.6 million bpd in 2023 from 2.1 million bpd this year. Earlier, the Organization of the Petroleum Exporting Countries (OPEC) cut its forecast for 2022 global oil demand growth for a fifth time since April citing mounting economic challenges. Industry data showing a bigger-than-expected drop in U.S. crude stockpiles provided some support to oil prices.

☆ Oil prices fall as Druzhba pipeline resumes flows
▼ + stars: | 2022-11-16 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

BENGALURU (Reuters) -Oil prices fell by more than a dollar on Wednesday as Russian oil shipments via the Druzhba pipeline to Hungary restarted and rising COVID-19 cases in China weighed on sentiment. Prices slid into negative territory after Hungarian Foreign Minister Peter Szijjarto said that flows through the Druzhba oil pipeline from Russia had resumed following a brief outage. Supply to parts of Eastern and Central Europe via a section of the pipeline were temporarily suspended on Tuesday for technical reasons, according to oil pipeline operators in Hungary and Slovakia. The Energy Information Administration said U.S. crude inventories fell by 5.4 million barrels last week, compared with expectations for a 440,000-barrel drop. “Oil demand growth in the country is being hampered by its unyielding faith in a zero-tolerance COVID-19 policy and persistent economic weakness,” PVM Oil analyst Stephen Brennock said.

☆ Oil prices slide after Druzhba crude pipeline resumes flows
▼ + stars: | 2022-11-16 | by ( Ahmad Ghaddar | ) www.reuters.com time to read: +2 min

LONDON (Reuters) -Oil prices fell sharply on Wednesday as Russian oil shipments via the Druzhba pipeline to Hungary restarted, prompting the reversal of earlier gains following an attack on an oil tanker off the coast of Oman. Prices then retreated after Hungarian Foreign Minister Peter Szijjarto said on Wednesday that flows through the Druzhba pipeline which carries Russian oil to Hungary had resumed following a brief outage. Oil supply to parts of Eastern and Central Europe via a section of the Druzhba pipeline were temporarily suspended on Tuesday for technical reasons, according to oil pipeline operators in Hungary and Slovakia. “Oil demand growth in the country is being hampered by its unyielding faith in a zero-tolerance COVID-19 policy and persistent economic weakness,” PVM Oil analyst Stephen Brennock said. Earlier this week, the Organization of the Petroleum Exporting Countries (OPEC) cut its forecast for 2022 global oil demand growth for a fifth time since April, citing mounting economic challenges.

☆ Hungary foreign minister says Druzhba pipeline can be restarted soon
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +2 min

[1/2] Hungary's Minister for External Economy and Foreign Affairs Peter Szijjarto gestures during a General Affairs meeting in Luxembourg June 22, 2021. John Thys/Pool via REUTERSBUDAPEST, Nov 16 (Reuters) - The Druzhba oil pipeline can likely be restarted within a short time as the pipeline itself had not been damaged, Hungarian Foreign Minister Peter Szijjarto said in a video on his Facebook page on Wednesday. Szijjarto also said, after talking with the Polish foreign minister, that Hungary was waiting further information from Poland on the results of their investigation into the blast that occurred in Poland near the Ukrainian border. Oil supply to parts of Eastern and Central Europe via a section of the Druzhba pipeline had been temporarily suspended on Tuesday, according to oil pipeline operators in Hungary and Slovakia. "Its somewhat reassuring news that according to current information, the Druzhba pipeline itself was not damaged, only one element of the infrastructure that operates the pipeline, a power station," Szijjarto said.

☆ Toronto stocks slip on oil drag, inflation data
▼ + stars: | 2022-11-16 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

SummarySummary Companies Annual inflation remains unchangedRestaurant Brands International rises on CEO changeLoblaw up after Q3 sales beatNov 16 (Reuters) - Canada's commodity-heavy stock index fell on Wednesday as oil prices declined, while investors digested data showing domestic annual inflation rate held steady in October. ET (1537 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was down 51.55 points, or 0.26%, at 19,943.23, after closing higher in the previous session. Canada's annual inflation rate held steady at 6.9% in October, as gasoline prices rose after OPEC+ countries announced production cuts, while higher interest rates pushed up mortgage costs by 11.4%, the largest jump since February 1991. "There is a 40% chance of a 50 basis points of tightening if inflation doesn't show more evidence of easing as we've seen in the United States," he added. The BoC has hiked its benchmark rate by 350 basis points since March to 3.75%, one of its fastest tightening cycles ever.

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