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☆ 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 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.

☆ Europe's biggest climate policy heads for final-hour talks
▼ + stars: | 2022-12-16 | by ( Kate Abnett | ) www.reuters.com time to read: +3 min

"It is the biggest environmental and climate law that Europe ever dealt with," the European Parliament's lead negotiator Peter Liese said. Officials from EU countries and the EU assembly, who must both agree the final law, said it was unclear if a deal would be struck, given the large number of unresolved issues. Negotiators are at odds over how quickly to end the free CO2 permits the EU gives industries to protect them from foreign competition. EU lawmakers want 50% of free permits phased out before 2030, with the rest gone by 2032 - far earlier than the 2036 end-date countries support. Negotiators have already agreed parts of the carbon market reform, including to expand the scheme to cover shipping and increase CO2 costs for airlines.

☆ EU gas price cap will be self-defeating
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +2 min

MILAN, Dec 16 (Reuters Breakingviews) - Setting a ceiling on the price of European gas would do more harm than good. European Union energy ministers will meet on Monday to try and agree on the cap, which backers believe will prevent gas prices from spiralling out of control. Under the latest proposal, the cap may be set at 220 euros per megawatt hour for the most liquid future contracts exchanged at the Dutch Title Transfer Facility, Europe’s gas benchmark. The Intercontinental Exchange, which handles the majority of TTF future contracts, believes the additional cost would be $47 billion. Traders could even opt to buy TTF contracts on the Chicago Mercantile Exchange.

The UK government has promised to overhaul the youth gender care system, after it was deemed inadequate by England’s regulator of health and social care. They described a deeply flawed system that is now hobbled by a toxic political climate around gender care. The letter said a decision would be made at some point from early 2022 on whether the child “is likely to meet the access criteria” for gender care. The family has received no NHS gender care or mental health support since the referral, she said. These recommended supporting “identity exploration” and mental health treatment as the first steps to ensure that any psychological issues are addressed.

☆ 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.

Negotiators from EU countries and the European Parliament aim to strike a deal on the world-first law on Tuesday evening - after which, both sides would need to formally rubber stamp it. The EU scheme would require companies importing goods into Europe to buy certificates to cover the CO2 emissions embedded in those products. The aim is create a level playing field between overseas firms and domestic EU industries, who must buy permits from the EU carbon market when they pollute. The tariff is part of a package of EU policies designed to help the world avoid disastrous climate change by cutting EU emissions 55% by 2030 from 1990 levels. Separate EU negotiations later this week will seek a deal on the centrepiece of that package - a reform of the EU carbon market.

☆ EU Delays Labeling Lithium Toxic as Concerns From EV Industry Mount
▼ + stars: | 2022-12-12 | by ( Yusuf Khan | ) www.wsj.com time to read: +4 min

Last week, the European Commission was set to give a final ruling on whether lithium, a crucial battery input, should be classified as a toxic substance. Europe’s nascent battery companies are warning that investors may be drawn away from the continent to the U.S. where the IRA has created strong incentives to establish supply chains in the country. So far, within the European battery industry, Sweden’s Northvolt AB has been one of the few victories for the EU. She said the EU should “simplify and adapt” its rules that limit state funding to make it easier for public investments. For those looking to establish European battery production, the EU’s position on electric vehicles remains confusing.

☆ Analysis: EU avoids sledgehammer to crack euro clearing nut - for now
▼ + stars: | 2022-12-07 | by ( Huw Jones | ) www.reuters.com time to read: +6 min

EU financial services chief Mairead McGuinness has likened ending the bloc's heavy reliance on London for clearing euro contracts to weaning the EU off Russian gas so that Brussels builds "open strategic autonomy" in capital markets to safeguard financial stability. This will help build a more efficient market that makes relocation of clearing from London attractive, McGuinness said. Industry officials note EU based clearing liquidity in this contract would effectively need to be built up from scratch, which could take time. These conditions would mean that in practice EU banks will still be clearing some derivatives in London after June 2025. Nevertheless, EU banks still face systems changes to report and track how much is being cleared, a cost that UK and U.S. banks won't face.

☆ Biden's climate plan strains trade ties with Europe
▼ + stars: | 2022-12-06 | by ( Anna Cooban | ) edition.cnn.com time to read: +7 min

The European Union and United States — together responsible for one third of global trade — have been at loggerheads in recent weeks over US President Joe Biden’s landmark $370 billion climate plan. While a trade war is unlikely, the plan is testing the transatlantic alliance and pushing Europe to consider mobilizing its own package of subsidies. The IRA is now law, and there is little appetite to bring it back to Congress to make substantive changes, he told CNN Business. The European Union has a couple of options at its disposal, analysts told CNN Business. On Monday, Italian Economy Minister Giancarlo Giorgetti said that the bloc should create its own “European IRA plan,” according to a Reuters report.

☆ EU countries' stance on AI rules draws criticism from lawmaker, consumer group
▼ + stars: | 2022-12-06 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

BRUSSELS, Dec 6 (Reuters) - EU countries on Tuesday agreed a common position on draft artificial intelligence rules ahead of negotiations with EU lawmakers to thrash out the details, but drew criticism for not adequately addressing the issue of facial recognition. The European Commission proposed the AI rules last year, seeking to catch up with China and the United States in a technology used in smartphones, computers, self-driving cars, online shopping and advertising, and factories. The draft rules need to be hashed out with EU countries and EU lawmakers next year before they can be implemented. EU lawmakers have yet to reach agreement on their common position. The countries agreed to exclude national security, defence and military purposes from the AI rules, according to a statement from the Council of the European Union.

☆ Germany says borrowing more money to compete with the U.S. would be a 'threat' to Europe
▼ + stars: | 2022-12-06 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

BRUSSELS — Germany said Europe should refrain from borrowing more money to compete with U.S. green subsidies or its competitiveness will be threatened. European Commission President Ursula von der Leyen said Sunday "new and additional funding at the EU level" will be needed to make European companies more competitive in the transition to a greener economy. "There are some parts of Ursula von der Leyen initiative which [need] to be further debated, especially her proposal of [a] European sovereignty fund. However, they indicate where the commission believes the bloc should go to be in a better position to compete with the United States. "We have all heard the stories of producers that are considering to relocate future investment from Europe to the U.S.," von der Leyen said Sunday.

☆ Friendshoring makes sense if done in the right way
▼ + stars: | 2022-12-05 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

These examples explain the enthusiasm for “friendshoring”, an idea U.S. Treasury Secretary Janet Yellen is pushing. First, it could provoke an all-out trade war – causing the kinds of disruptions that friendshoring is intended to prevent. Things would be different if China was the West’s implacable enemy in the way that Putin’s Russia is. Using friendshoring in a defensive rather than aggressive way means focusing on strategic products. While it makes sense to cut its dependency on China, that doesn’t mean going all the way to zero.

☆ Jim Cramer's top 10 things to watch in the market Monday: Stocks, China, Apple
▼ + stars: | 2022-12-05 | by ( Jim Cramer | ) www.cnbc.com time to read: +4 min

There's less than 2% upside at the high end of his year-end S & P 500 price target of 4,000 to 4,150. Citi cuts price target on Club holding Salesforce (CRM) to $164 per share from $170 but keeps neutral rating. Deutsche Bank downgrades Starbucks (SBUX) to hold from buy but increases price target to $106 per share from $100. Ulta Beauty (ULTA) price target raised to $548 per share to $511 at Barclays, which also keeps its overweight rating. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Welcome to the ‘free-for-all hellscape’ that is Twitter
▼ + stars: | 2022-12-05 | by ( Allison Morrow | ) edition.cnn.com time to read: +7 min

Despite unprecedented sanctions from the West on various industries, Russia’s war chest has been padded by oil revenue. China and India, among others, are still buying surplus barrels of Russian oil, which has been cheaper ever since Western traders began shunning it. The price cap is designed to be enforced by companies that provide shipping, insurance and other services for Russian oil. Countries like Poland and Estonia wanted a lower price cap, emphasizing that $60 is too close to the current market price for Russian oil. Because of the relatively generous price cap, Russia may continue to find buyers.

☆ Russian oil just got hit with sanctions and a price cap after months of lead up. Here's what it means and what happens next.
▼ + stars: | 2022-12-05 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

If you take anything away from today's newsletter, let it be this: As of today, Russian oil faces a new European Union embargo, as well as a price cap. EU leaders have been debating a price cap for months, but on Friday agreed to a $60-a-barrel level. Some analysts predict Russian oil exports could drop by 1 million barrels per day, or about 20% of its seaborne volume. She told me over a video call from London that, ultimately, oil markets probably won't react dramatically in either direction. What do you think is the most likely outcome of the new sanctions on Russian oil?

☆ European Union agrees to a $60-per-barrel price cap on Russian oil
▼ + stars: | 2022-12-02 | by ( The Associated Press | ) www.nbcnews.com time to read: +4 min

BRUSSELS — The European Union tentatively agreed to a $60-per-barrel price cap on Russian oil, a key step as Western sanctions aim to reorder the global oil market to prevent price spikes and starve President Vladimir Putin of funding for his war in Ukraine. The $60 figure sets the cap near the current price of Russia’s crude, which recently fell below $60 a barrel. There is a big risk to the global oil market of losing large amounts of crude from the world’s No. Putin has said he would not sell oil under a price cap and would retaliate against nations that implement the measure. “The reality is that it is unlikely to be binding given where oil prices are now.”Others have criticized the measure, a brainchild of U.S. Treasury Secretary Janet Yellin.

☆ 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.

☆ Europe agrees to cap the price of Russian oil at $60 a barrel
▼ + stars: | 2022-12-02 | by ( Julia Horowitz | ) edition.cnn.com time to read: +4 min

London CNN Business —The European Union has reached a consensus on the price at which to cap Russian oil just days before its ban on most imports comes into force. Capping the price of Russian oil between $65 and $70 a barrel, a range previously under discussion, wouldn’t have caused much pain for the Kremlin. “Today’s oil price cap agreement is a step in right direction, but this is not enough,” Estonian foreign minister Urmas Reinsalu tweeted Friday. The price cap is designed to be enforced by companies that provide shipping, insurance and other services for Russian oil. Confusion about the impact of that measure, along with lingering questions about the price cap, have unsettled traders.

☆ China hopes for fair, transparent environment for companies in EU - Xi
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +1 min

[1/7] European Council President Charles Michel attends a meeting with Chinese President Xi Jinping at the Great Hall of the People in Beijing, China December 1, 2022. European Union/Handout via REUTERSBEIJING, Dec 1 (Reuters) - China will strengthen strategic communication and coordination with the European Union, President Xi Jinping told the president of the European Council, Charles Michel, on Thursday. "China will remain open to European companies, and hopes the EU can eliminate interference to provide a fair and transparent business environment for Chinese companies," Xi told Michel. Xi said China and the EU should strengthen macroeconomic policy coordination and complementary advantages, jointly create new growth engines and ensure safety, stability, and reliability of industrial supply chains. His visit comes after European leaders expressed concern at a meeting in October about economic reliance on China.

☆ Third suspected letter-bomb found at Spanish air force base
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +2 min

[1/7] A ambulance is seen coming out of the Air Force base of Torrejon de Ardoz after a suspected explosive device hidden in an envelope was mailed to the base, in the wake of two others sent to targets connected to Spanish support of Ukraine, amidst Russia’s invasion of Ukraine, outside Madrid, Spain December 1, 2022. REUTERS/Violeta Santos MouraMADRID, Dec 1 (Reuters) - Spanish security forces found a third suspected explosive device hidden in an envelope mailed to a European Union satellite centre located at an air force base in Torrejon de Ardoz, outside Madrid, the defence ministry said on Thursday. After scanning the envelope by X-ray, air force security officers determined it contained "a mechanism", the ministry statement said. The satellite centre supports the EU's common foreign and security policy by gathering information from space intelligence devices, according to its website. After the first incident, Ukrainian Foreign Minister Dmytro Kuleba ordered all of Kyiv's embassies abroad to "urgently" strengthen security and urged Spain to investigate the attack, a Ukrainian ministry spokesperson said.

☆ Huge trade partner and ‘systemic rival.’ Europe has a China problem
▼ + stars: | 2022-11-30 | by ( Anna Cooban | ) edition.cnn.com time to read: +8 min

The Covid-19 pandemic, Russia’s invasion of Ukraine, and tit-for-tat sanctions between China and EU lawmakers have strained relations since. The total value of the goods trade between China and Europe hit €696 billion ($732 billion) last year, up by nearly a quarter from 2019. China was the third largest destination for EU goods exports, accounting for 10% of the total, according to Eurostat data. Even so, the United States may exert more pressure on Europe to pull away from China, Borges de Castro noted. EU investment into China has also become more concentrated.

☆ Russian oil is still flowing in huge volumes even as EU sanctions and a price cap are less than a week away.
▼ + stars: | 2022-11-30 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

European governments still can't agree on a price cap for Russian oil even as the December 5 deadline is less than a week away. Poland, for example, is committed to a $30 price cap. Even with a price cap of, say, $65, it's unclear whether that can really make an impact, given that Russia's flagship crude oil — Urals grade crude — is trading 20% below that level already. Despite the West's repeated condemnation of Russia and President Vladimir Putin, Russia remains Europe's largest single refined oil products supplier. A) The West agrees to a price cap above $40B) The West agrees to a price cap below $40C) The West does not agree to any price capLet me know on Twitter (@philrosenn) or email me (prosen@insider.com).

☆ Energy markets are facing 'one or two years of extreme volatility,' Enel CEO says
▼ + stars: | 2022-11-29 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +1 min

Europe's energy markets have experienced turbulence in recent months. The CEO of Italian power firm Enel told CNBC Tuesday that turbulence in energy markets was likely to persist for some time. "The turbulence we're going to have will remain — it might change a little bit, the pattern, but we're looking at one or two years of extreme volatility in the energy markets," he added. Russia was the biggest supplier of both natural gas and petroleum oils to the EU in 2021, but gas exports from Russia to the European Union have slid this year. "In the current context, the complete shutdown of Russian pipeline gas supplies to the European Union cannot be excluded ahead of the 2022/23 heating season — when the European gas market is at its most vulnerable."

☆ Russian oil is now 20% below the proposed price cap as EU nations remain split in talks
▼ + stars: | 2022-11-28 | by ( Brian Evans | ) www.businessinsider.com time to read: +2 min

That's 20% lower than the European Union's proposed price cap of $65 per barrel, though some nations want it lower. EU member countries are resuming talks on Monday over the Russia oil price cap. Last week, reports said a price cap of $65-$70 was under discussion. The price cap will coincide the EU's December 5 embargo on seaborne Russian crude imports and ban on related services for deliveries worldwide. But because Russian oil is already selling below the proposed price cap level, analysts have noted that it wouldn't be low enough to weaken Moscow's revenue.

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