Prohibitively high natural gas prices in Europe have helped the continent stock up on the commodity amid lower consumption, simultaneously motivating more imports, Reuters’ John Kemp reportedmeaning Europe might get its storage caverns full before the next heating season begins. That inventories are filling up faster than previously expected is a rare instance of good … Read more
Natural gas prices in Europe on Tuesday extended a slide that began three days ago thanks to forecasts for warmer weather coming to Europe along with LNG shipments seen as offsetting the danger of a cutoff of Russian gas for the EU. Bloomberg reported that gas futures had slipped by over 3% before recouping some … Read more
Prices for Russian credit default swaps — insurance contracts that protect an investor against a default — plunged sharply overnight after Moscow used its precious foreign currency reserves to make a last-minute debt payment on Friday. The cost for a five-year credit default swap on Russian debt was $5.84 million to protect $10 million in … Read more
The Gaz-System gas distribution station in Gustorzyn, central Poland.Agencja Gazeta/Reuters Russian gas supplies under the Yamal contract to Poland have been halted, Polish private broadcaster Polsat News and the Onet.pl website reported, citing unnamed sources. PGNiG SA, which buys gas from Gazprom under a long-term contract that expires this year, declined to comment. Physical gas … Read more
Poland announced on Tuesday that it was preparing to impose sanctions on 50 Russian oligarchs and companies, as Polish media report that Russia has stopped gas deliveries to the country, causing European gas prices to get hit with a double-digit surge. Poland’s One.pl online news channel reported that Russia had suspended gas supplies to Poland … Read more
The EU’s determination to reduce its gas reliance on Russia, its drive to increase LNG imports, and Putin’s ruble-for-gas demand could result in Russian state gas giant Gazprom losing about one-third of its typical gas export volumes to Europe this year, analysts told Reuters on Friday. Gazprom’s natural gas sales to Europe this year could … Read more
While there are still plenty of supply risks that could send oil prices soaring, bearish sentiment has taken over oil markets this weak due to falling Chinese demand and the expectation of a global economic slowdown. Oilprice Alert: Our trading specialists have just released a special report on how to play today’s boom in oil … Read more
People walk past a currency exchange office screen displaying the exchange rates of US Dollar and Euro to Russian Rubles in Moscow, on Feb. 28, 2022.Pavel Golovkin/The Associated Press The credit ratings agency Standard & Poor’s has downgraded its assessment of Russia’s ability to repay foreign debt, signaling rising prospects that Moscow will soon default … Read more
Oil prices rebounded from Tuesday’s losses to rise by more than 3% early on Wednesday, as Russia signaled it would want rubles not only for gas but also for oil, metals, and grains. As of 9:34 am ET on Wednesday, ahead of the weekly US oil inventory report from the Energy Information Administration, WTI Crude … Read more
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