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On July 4, JPMorgan Chase published a research report, maintaining its positive view on Standard Chartered Group, pointing out that although Standard Chartered was involved in the lawsuit related to Malaysias 1Malaysia Development Berhad (1MDB), and was accused of allowing more than 100 intra-bank transfers between 2009 and 2013 to help hide stolen funds, the lawsuit may take several years to resolve, and it is estimated that the groups distribution of more than US$8 billion from 2024 to 2026 and the repurchase plan of US$2.75 billion in fiscal 2025 will have limited impact. JPMorgan also pointed out that in the worst case, the fine is as high as US$2.7 billion, equivalent to 37% of the profit forecast of US$5.3 billion in 2027, which is estimated to bring a 72 basis point drag on the banks Tier 1 capital ratio (CET1) in 2027, which is still within the controllable range, and it is believed that the actual penalty amount will be much lower than this. Morgan Stanley continues to list Standard Chartered as its top choice among Hong Kong banking stocks, believing that Standard Chartered is less affected by the decline in HIBOR and the risks of Hong Kong commercial real estate; and is a major beneficiary of the internationalization of the RMB; and has a clearer digital asset development strategy, which allows it to better withstand the impact of stablecoins than its peers. The target price is HK$135 and the rating is "overweight".According to TASS: Russian air defense forces destroyed 48 Ukrainian drones at night.US President Trump: Letters regarding tariffs will be sent out starting this Friday. It is expected that 10 to 12 countries will receive relevant notifications on Friday.US President Trump: Will speak with Ukrainian President Zelensky on Friday. Disappointed with the call with Russian President Putin. Does not think Putin intends to stop the action.According to the Financial Times: British Chancellor of the Exchequer Reeves is expected to deliver a speech at the official residence on July 15 to announce the UK pension reform plan, including a review of the retirement reserves of companies and their employees.

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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