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On March 6th, Goldman Sachs stated that the crude oil market lacks confidence that the security measures taken by the United States in the Strait of Hormuz to protect oil tankers and LNG carriers can resolve the current problems. Samantha Dart, co-head of global commodities research at Goldman Sachs, said, "Given the large number of tankers, the feasibility of naval escorts for ships is questionable." She also noted concerns about the effectiveness of the escort forces in responding to drone attacks.Federal Reserves Goolsby: Institutions are facing a crisis of confidence.A spokesman for Irans Islamic Revolutionary Guard Corps said that attacks would "become more intense" in the coming days.March 6 - According to a report by the Wall Street Journal citing sources familiar with the matter, Iran has launched more than 1,000 drones and missiles at targets within the United Arab Emirates. In retaliation for this action, the UAE is considering freezing billions of dollars worth of Iranian assets held in its possession, a move that could sever one of Irans most vital economic lifelines. If the UAE takes action, Irans access to foreign exchange and its participation in global trade networks will be severely restricted, and its domestic economy, already struggling with inflation, will be significantly hampered. UAE officials have privately warned Iran of potential action. According to informed officials, potential measures include freezing the assets of UAE-owned "shadow companies" used to conceal trade activities, and a comprehensive financial crackdown on local currency exchange institutions used to circumvent formal banking channels for transferring funds. In addition to financial measures, policymakers are also considering direct maritime action, such as seizing Iranian vessels.Two senior U.S. officials said the general license only authorizes transactions involving Russian oil already stranded at sea and is unlikely to bring significant financial benefits to Russia.

EU Energy Chief Suggests Winter Gas Price Caps Are Possible If Countries Agree

Haiden Holmes

Oct 27, 2022 14:09

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The European Union may establish a gas price ceiling this winter to avoid excessive price spikes, according to the bloc's energy chief, but only if member states grant Brussels the right to propose the policy.


Despite months of high gas prices caused by Russia's reduction in supplies, the 27-nation EU is considering a price ceiling; but, after weeks of deliberations, Brussels has not yet made a formal proposal to make it happen.


The European Commission announced last week that it may submit a formal proposal for a temporary "dynamic" restriction on Dutch Title Transfer Facility (TTF) gas trading if EU members want it.


The EU's energy commissioner, Kadri Simson, suggested that the limit might yet be enforced before winter. The Commission has warned that the price ceiling would be used as a "last resort" if prices fly out of control.


Simson told an EU parliamentary committee, "This Dutch TTF gas benchmark limit might be applied this winter if we acquire the mandate."


EU nations might grant this mandate during a November 24 emergency meeting of EU energy ministers, when they will determine whether to recommend that Brussels propose the limit.


As of the energy ministers' meeting on Tuesday, however, an agreement on the idea remained difficult, as nations remained split.


Germany is the head of a small group of governments that oppose price limits, stating that restricting the amount firms can pay for gas would hinder their ability to get adequate gasoline as Europe enters the winter season with limited Russian supply.


Italy, Belgium, Poland, and twelve other governments are requesting an EU-wide price cap, citing the inflationary impact of recent gas price hikes on their economies.


Unusually, the measure may be approved by a reinforced majority of 15 ministers from EU member states. However, German chancellor Olaf Scholz claimed last week that the vote of ministers will be "unanimous," meaning that a single country may vote against the proposal.

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