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The European Stoxx 600 index rose to a record high and is now up 0.25%.On January 30, Kathleen Brooks, an analyst at British securities investment company XTB, said that the European Central Banks 25 basis point rate cut this week is a foregone conclusion, so the rate cut will not particularly affect the market. The focus will be on Lagardes press conference. The market currently expects an 88% probability of a rate cut in March, and a high probability of further rate cuts by June, with a total of 3.5 rate cuts in 2025. Therefore, Lagardes further dovishness at this meeting is limited. Trumps tariffs are currently the main threat to the eurozone economy. It may be wise for the ECB to wait for tariffs to land before sending a signal to accelerate the pace of rate cuts. If it preemptively indicates at todays meeting that it will accelerate the pace of rate cuts, the ECB will have no tools to deal with the tariffs when they really come. Therefore, it is expected that the ECB will follow the Bank of Canadas example this time, cut interest rates by 25 basis points and cancel forward guidance. If so, the euro may rebound slightly.Germanys DAX30 index opened up 61.17 points, or 0.28%, to 21,684.25 points on January 30 (Thursday); Britains FTSE 100 index opened up 10.14 points, or 0.12%, to 8,567.95 points on January 30 (Thursday); Frances CAC40 index opened up 24.50 points, or 0.31%, to 7,896.98 points on January 30 (Thursday); Europes STOXX 50 index opened up 25.79 points, or 0.49%, to 5,256.45 points on January 30 (Thursday); Spains IBEX35 index opened up 77.47 points, or 0.63%, to 12,352.37 points on January 30 (Thursday); Italys FTSE MIB index opened up 47.33 points, or 0.13%, to 36,419.00 points on January 30 (Thursday).Spot gold broke through $2,770 an ounce, up 0.39% on the day.Spains initial monthly harmonized CPI rate in January was -0.1%, in line with expectations of -0.3% and the previous value of 0.40%.

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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