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Conflict Situation: 1. Market News: Russian attacks on the Kharkiv region of Ukraine have resulted in 5 deaths and 18 injuries. 2. Russian Ministry of Defense: A ceasefire will be implemented from May 8th to 9th, 2026, and Russia hopes that Ukraine will reciprocate. 3. Russian Ministry of Defense: If Ukraine attempts to disrupt Victory Day celebrations, a large-scale retaliatory missile attack will be launched on the center of Kyiv. 4. Zelensky: Ukraine has not received any proposals regarding a ceasefire on May 9th, and will implement a unilateral ceasefire starting at midnight on the 6th. Other Situations: 1. NATO stated it will continue to provide Ukraine with anti-missile missiles. 2. Zelensky called for European participation in the Ukraine-Russia negotiations. 3. The Russian Federal Security Service arrested 150 underground weapons manufacturers. 4. Zelensky: Ukraine and Europe agreed to accelerate the implementation of the drone cooperation agreement. 5. Austria announced the expulsion of three Russian diplomats; Russia stated it will respond strongly to Austrias decision.Market news: Meta Platforms (META.O) is developing a financing plan for a data center in El Paso, Texas, with a total amount potentially reaching approximately $13 billion. According to sources familiar with the matter, Morgan Stanley and JPMorgan Chase are leading the process.According to CBS, U.S. Department of Defense officials revealed on Monday that one of the two missing U.S. soldiers in Morocco jumped into the water in an attempt to rescue the other missing soldier. As of Monday, the search and rescue operation was still ongoing.British government: The British Prime Minister stated that the UK will continue to support the defense operations of its partners in the Gulf region.On May 5th, United Pilots Association (UPA) President Silva stated in an email that United Airlines (UAL.O) CEO Kirbys vision could be "transformative" for passengers, the community, and American Airlines pilots. While the email did not endorse a merger between United and American Airlines, Silva used Kirbys proposal as an opportunity to again criticize American Airlines management—who are facing union pressure due to poor company performance. It was reported that United Airlines announced last month that it had terminated its merger plans with American Airlines after initial contact, as competitor American Airlines refused to engage. American Airlines had previously stated that a merger with United would be detrimental to competition and consumers.

Oil Quiet As Price Cap Suggestion Assists in Relieving Supply Concerns

Skylar Williams

Nov 25, 2022 14:48

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Benchmark Brent oil declined on Thursday, while West Texas Intermediate (WTI) crude remained unchanged, hovering at two-month lows due to uncertainty about the degree to which a proposed G7 restriction on the price of Russian oil would limit supply.


A larger-than-anticipated rise in gasoline inventories in the United States and an expansion of COVID-19 limitations in China also knocked on oil prices.


At 15.15 p.m. ET (2015 GMT), Brent oil prices decreased 29 cents, or 0.3%, to $85.12 per barrel, while U.S. WTI crude futures decreased 2 cents, to $77.96 per barrel.


Due to the Thanksgiving break in the United States, trade volumes were quite low.


The announcement on Wednesday that the expected price ceiling for Russian oil may surpass the current market level triggered a decrease of about 3 percent for both benchmarks.


European Union nations remained divided over what level to cap Russian oil prices to limit Moscow's ability to pay for its battle in Ukraine without causing a global oil supply shock; if positions converge on Friday, more conversations are possible.


A European official claimed that the G7 is discussing a cap of $65-$70 per barrel for Russian oil transported by sea, but European Union member states have not yet reached an agreement on a price.


A higher price ceiling might encourage Russia to continue selling its oil, decreasing the possibility of a global oil supply shortage.


According to two sources, several Indian refiners are discounting Russian Urals crude by between $25 and $35 per barrel compared to the worldwide benchmark Brent oil. Urals is Russia's principal crude export.


Despite the obstacles, Bart Melek, global head of commodities market strategy at TD Securities, is rather optimistic about oil. "The Russian price ceiling is another aspect that contributed to the current price fall," he stated.


The Energy Information Administration (EIA) said on Wednesday that gasoline and distillate inventories in the United States climbed substantially during the previous week. [EIA/S]


In contrast, oil stockpiles decreased by 3.7 million barrels to 431.7 million barrels in the week ending November 18, despite a Reuters survey predicting a reduction of 1.1 million barrels.


China reported the highest daily number of COVID-19 cases since the outbreak began over three years ago on Wednesday. Local officials intensified measures to remove the breakouts, raising investor anxiety over the economy and demand for fuel.

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