EUR/USD
1.03017
0.025%
Gold
2677.86
0.278%
Oil
75.588
2.541%
USD/JPY
158.007
-0.071%
GBP/USD
1.23040
-0.021%
GBP/JPY
194.412
-0.083%
Real-time News
Three Indian refining industry sources said the new U.S. sanctions will target more than 180 tankers carrying Russian oil as well as Russian ship insurers.Indian refiners are bracing for new U.S. sanctions on Russia and expect to face major disruptions in Russian oil supplies, three Indian refining industry sources said.On January 10, Ashley Webb, an analyst at Capital Economics, believed that after the recent rise in UK government bond yields, in order to maintain fiscal credibility, British Chancellor of the Exchequer Reeves is likely to propose in the latest fiscal report to be announced on March 26 to cut government spending and/or increase taxes on the basis of existing plans. Reeves may prefer to limit spending rather than raise taxes. She could also increase the rates of capital gains tax and tariffs, or expand the size of the existing tax base. But he said that breaking her pre-election promise not to raise VAT, income tax or employee national insurance would be the easiest way to create more space. "However, this is the least desirable option politically."On January 10, according to Sky News, Centrica, the largest gas storage station operator in the UK, said that the countrys gas storage level is "worryingly low" and cannot meet a weeks demand. The sudden drop in temperature and high demand for gas-fired power stations are the main reasons for the low reserves. The UK relies heavily on natural gas for home heating, and power generation also uses a lot of natural gas. "As of January 9, 2025, the inventory of British natural gas storage stations was 26% lower than the same period last year, and only filled about half of its capacity." "This means that the UKs natural gas reserves are less than a week." Due to the early arrival of winter, natural gas storage levels were already lower than usual before entering December. Coupled with high prices, it has become more difficult to replenish stocks during the Christmas period. Centrica said this situation is reflected throughout Europe-at the beginning of this week, Europes natural gas reserves were 69%, down from 84% in the same period last year.Oil prices surged on Friday as traders focused on potential supply disruptions from more sanctions on Russia and Iran, according to Ole Hansen, head of commodity strategy at Saxo Bank. "There are several drivers today," said Ole Hansen, head of commodity strategy at Saxo Bank. "In the long term, the market is focused on the prospect of additional sanctions. In the short term, the weather is very cold across the United States, driving demand growth." Expectations of supply disruptions from tougher sanctions on Iran and Russia are growing ahead of Trumps inauguration on January 20, while oil inventories remain low. Biden is expected to announce new sanctions against the Russian economy before Trump takes office. PVM analyst Tamas Varga said that existing and possible further sanctions, as well as market expectations of reduced inventories due to cold weather, are driving oil prices higher.
