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Investing Future
Nov 27, 2022
China’s crude buyers have paused purchases of some Russian oil as they wait for details of a US-led cap to see if it presents a better price.
Several cargoes of Russian ESPO crude for December-loading remain unsold and there’s hesitation among sellers and Chinese buyers to close deals before more clarity on the exact price cap level is known, according to traders with knowledge of the matter. More details on the measure are expected soon.
The price limit is set to be implemented alongside European Union sanctions on Russian crude on Dec. 5, with those adhering to the measure gaining access to insurance, banking and shipping services from the bloc. The cap is designed to keep crude flowing from the OPEC+ producer to prevent a global supply shock but crimp the Kremlin’s revenues as it wages war in U*****e.
The European Union sets a price cap on Russian gas, and Moscow responds by ceasing all flows of gas to the EU for the foreseeable future.
A hard winter in Europe and northeast Asia drives up demand and a prolonged period of Dunkelflaute – literally a ‘dark lull’ in the conditions needed to generate wind and solar power – across north-western Europe reduces renewable power generation at a critical time. This results in an increased demand for gas and a further draw-down on storage.
With a recession looming over our heads, great times have turned into tough times in this gloomy world, trade relationships are being broken, and economies like the UK are at the brink of an economic collapse, Will the EU follow suit and be the next to have an economic collapse? Let me know down below.
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