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On April 22, French fragrance manufacturer Interparfums Group announced at its latest annual shareholders meeting that it plans to increase product prices in the U.S. market by 6% to 7% from August 1, 2025, in response to the U.S.s new policy of imposing a 10% tariff on French imports. Interparfums Group authorizes the manufacture, distribution and management of perfume and fragrance product lines for multiple fashion brands, including Coach, Jimmy Choo, Montblanc, Lacoste and other brands.Hong Kong-listed medical equipment and supplies stock Xintai Medical (02291.HK) continued to move abnormally in the morning session and entered the cooling-off period three times due to triggering the market adjustment mechanism. The increase once expanded to 100%, but has now narrowed to 76%, closing at HK$28.25.On April 22, the reporter learned from the Supreme Peoples Procuratorate that the case of Li Gang, former head of the Central Commission for Discipline Inspection and the National Supervisory Commissions Discipline Inspection and Supervision Group in the Central Organization Department, suspected of taking bribes, was concluded by the National Supervisory Commission and transferred to the procuratorate for review and prosecution. Recently, the Supreme Peoples Procuratorate made an arrest decision on Li Gang on suspicion of taking bribes. The case is being further processed.The Hang Seng Tech Indexs decline widened to 1%, and the Hang Seng Index is now down 0.4%.Gold-related ETFs were active in the early trading session, with Gold ETF (518680), Hua Xia Gold ETF (518850), and Gold ETF Fund (159937) all rising by more than 2%.

European Refiners Benefit From Emergency Release of U.S. Oil Stocks

Haiden Holmes

May 13, 2022 09:57

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According to U.S. Customs data, ship tracking, and an industry source, at least three vessels carrying crude oil from U.S. emergency stocks set sail for Europe in April as European refiners rushed to replace Russian crude supplies.


Since Russia's invasion of Ukraine, releases from the Strategic Petroleum Reserve (SPR) have been made to combat supply shortages and halt fuel price increases. A release in the fall of 2017 was largely intended to reduce growing gasoline costs in the U.S.


The Biden administration added 180 million barrels to two smaller leaks from caves along the U.S. Gulf Coast since November. The United States has not banned exports of SPR oil, and analysts expect exports will increase.


Despite the releases, retail gasoline and diesel prices in the United States, averaging $4.40 and $5.55 per gallon, respectively, have stayed at record highs. Fuel demand is so strong According to expert predictions, the average quarterly profit per share for U.S. refiners is expected to be four times that of the first quarter.


Phillips 66 (NYSE:PSX) carried approximately 600,000 barrels of crude from the Bryan Mound cavern in Texas onto the ship Sea Holly last month. It is on route to Trieste, Italy, according to U.S. customs data and Refinitiv Eikon. A pipeline in Trieste transports crude oil to refineries in central Europe.


Last month, Atlantic Trading & Marketing (ATMI), a subsidiary of the French oil giant TotalEnergies, shipped little more than 1 million barrels of SPR crude to Rotterdam.


In April, approximately 2.25 million barrels of SPR were transferred on three vessels to Italy and the Netherlands, according to Matt Smith, lead oil analyst for the Americas at data provider Kpler.


According to government filings, ATMI has obtained at least 3.5 million barrels from the SPR, while Phillips has secured as least 10 million barrels. Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX), Marathon Petroleum (NYSE:MPC), and Valero Energy are additional firms that purchase SPR oil (NYSE:VLO).


Phillips 66 refuses to comment on business transactions. The ATMI did not react quickly to a request for comment.


With the ongoing release of SPR over the next few months, "exports can be anticipated," Kpler's Smith said.

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