Russian President Vladimir Putin signed a decree on Tuesday banning the supply of crude oil and oil products to those who abide by the western cap of $60 / bbl. The decree, which includes a clause allowing Putin to overrule in certain circumstances, was a combative measure in the face of the West’s oil price […]
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Earlier this month, the 27 Member States of the European Union (EU), the members of the G7 (the United States, Canada, France, Germany, Italy, Japan, and United Kingdom) and Australia (collectively, the “Price Cap Coalition”) announced their agreement to adopt a $60/barrel price cap on seaborne Russian crude oil. The enforcement mechanism for the cap […]
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With the new $60/BBL oil price cap on Russian oil exports now in place, Russia says it will not impact their production. The move did however create a bottleneck of oil tankers in Turkey as Russian oil tankers significant drop in its oil production or exports.[1] [1] https://www.cnbc.com/2022/12/07/eu-sanctions-russian-oil-price-cap-cause-crude-tanker-bottleneck.html Since the oil price cap, 35 tankers […]
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The war between Russia and Ukraine took another step back again on the energy front as Ukraine informed Russia it will increase its transit fees for Russian oil on the Druzhba pipeline into Europe next year. Ukraine’s oil pipeline network operator, Ukrtransnafta JSC, has told their Russian affiliates at the Transneft PJSC that, “continued destruction […]
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As diesel and distillate inventory levels continue to decline, countries are scrambling to make necessary adjustments. The rise in demand extends beyond our domestic borders, as Europe faces its own set of obstacles. The war in Ukraine presents the biggest challenge, and with the impending embargo on Russian oil in 2023, there is no end […]
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As the energy crisis continues, Europe is warning that its citizens need to be prepared for a total gas shutdown from Russia. While their storage sits at 88%, 8% higher than their original goal, serious concerns still linger. The French strike has taken 60% of its refining capacity offline, planned maintenance will shut down another […]
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Three Russian oil refineries have come under German oil control, in order to regulate supply of diesel and gasoline products. This is likely an attempt to help soften the energy blow in Europe due to the Russian Invasion in Ukraine earlier this year. Not only has physical supply been tight in Europe since the Russian invasion, but […]
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Treasury Secretary Janet Yellen stated in a recent interview believes that the European Union could soon be affected by the embargo on Russian oil imports, which could cause gasoline prices to rise once again during this winter. With Russia still at war with Ukraine, one of their main funding sources for what they call their […]
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The European Union (EU) reached an agreement for an emergency regulation to cut their natural gas use by 15% from now until March 2023. As Europe prepares for a winter of uncertainty with continued supply disruption from Russia, the hope is to cut off all supply by next year. The EU plans to make the […]
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We’re now 13 days into the Russia-Ukraine conflict, and neither side shows signs of abating. Following this lead, neither do commodity charts. Two charts encapsulate the unprecedented of this conflict and will be contributing to the stagflation environment we are heading toward or already in. Let’s dive in.
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