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February 16th - On February 15th local time, Hungarian Foreign Minister Szijjártó posted on his personal social media that, due to Ukraines continued suspension of transit transport through the "Friendship" oil pipeline, Hungary and Slovakia have sought assistance from Croatia, hoping to transport Russian crude oil via the "Adriatic" pipeline. Szijjártó stated that Hungary and Slovakia had previously secured the right to continue purchasing cheap Russian crude oil through the "Friendship" pipeline, and this sanction exemption also includes the option of purchasing Russian crude oil by sea if transit via the pipeline becomes unfeasible.Domestic News: 1. Wang Yi meets with Canadian Foreign Minister Anand. 2. 2026 Spring Festival film pre-sales exceed 400 million yuan. 3. The Cyberspace Administration of China announces the fourth batch of 7 financial information service institutions. 4. The Chinese Consulate General in Osaka reminds Chinese citizens in its consular district to strengthen security precautions. 5. Heilongjiang Province issues the "Heilongjiang Province Artificial Intelligence+ Government Affairs Deepening Application Work Plan". 6. Qiushi magazine publishes an important article by General Secretary Xi Jinping entitled "Key Tasks of Current Economic Work". 7. Ministry of Foreign Affairs: China decides to implement a visa-free policy for holders of ordinary passports from Canada and the United Kingdom starting February 17. 8. Guotou UBS Silver LOF compensation plan released: losses under 1,000 yuan will be fully compensated, and online processing will be available starting February 26. International News: 1. Tajikistan reportedly plans to launch gold ATM services. 2. European Central Bank President Lagarde opposes using taxes to prevent capital outflows. 3. Musk: Optimus robots will change human life starting next year. 4. According to Axios: The US Department of Defense threatens to cut off cooperation with Anthropic. 5. Obama responds to Trumps mockery of Ukraine as an ape: The "sense of shame" and "manners" that once bound American public officials have now vanished. 6. EU High Representative for Foreign Affairs and Security Policy Karas: It seems that EU countries are not yet ready to give Ukraine a specific date for joining the EU. 7. US-Iran negotiations—① According to the BBC: Iran is prepared to consider compromises to reach a nuclear agreement if the US is willing to discuss lifting sanctions. ② A senior Iranian official confirmed that the second round of indirect negotiations with the US will be held in Geneva on Tuesday. ③ Irans Deputy Foreign Minister: Iran and the US have included issues such as oil and gas, mineral investment, and even aircraft procurement in the negotiating text. ④ Iran reiterates that its right to peaceful use of nuclear energy is inalienable.February 15th - Nick Timiraos, a vocal advocate for the Federal Reserve, wrote that key indicators of the U.S. economy are pointing in the same positive direction: inflation is declining, the labor market remains strong, and economic growth is solid. This is not a definitive conclusion, but it represents the closest the U.S. economy has ever come to a soft landing (i.e., curbing inflation while avoiding a recession). Just four years ago, many economists thought this was impossible. Now, the scenario of the U.S. economy bringing inflation back to the Feds 2% target without falling into recession is once again credible. However, even without oxygen masks, its too early to unfasten the seatbelts. The Feds preferred inflation gauge, the core PCE annual rate, is currently close to 3%, and many forecasters expect little progress in inflation this year as tariff-related price increases spread further. Meanwhile, the labor market may not be as robust as last weeks report suggested. Payden & Rygels chief economist, Jeffrey Cleveland, stated that objectively speaking, the labor market has been weak, and the unemployment rate is more likely to rise than fall this year.February 15th - European Central Bank President Christine Lagarde stated during a panel discussion at the Munich Security Conference on Sunday that current market developments indicate investors are interested in allocating more capital to Europe. Creating incentives for European investment is a better approach than using taxes to prevent capital outflows. Lagarde believes that US President Trumps disruptive trade policies serve as a "spur" for Europe to accelerate economic reforms. Beyond economic challenges, this has also brought European leaders closer together. She stated that the EUs €90 billion ($107 billion) support package for Ukraine demonstrates that the union can drive meaningful decision-making even if not all member states support an agreement.U.S. Secretary of State Marco Rubio: The United States has taken note of reports from various countries assessing the poisoning of prominent Russian opposition politician Alexei Navalny. The United States does not question this assessment, nor is there any reason to question it.

News Lifts Oil The EU May Cut Off Russian Oil Imports

Charlie Brooks

Apr 15, 2022 09:50

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In April, both contracts posted their first weekly gain. Prices have been the most volatile in recent weeks since June 2020.


According to the New York Times, the European Union is considering a phased-in embargo on Russian oil to provide Germany and other nations time to secure alternative supply.


A phased-in prohibition would compel European purchasers "to seek alternate sources, some of which are being provided in the short term via Strategic Petroleum Reserve releases, but in the future, more supplies from the ground would be necessary," Lipow Oil Associates' Andrew Lipow said in Houston.


The International Energy Agency warned on Wednesday that around 3 million barrels per day of Russian oil might be shut down starting in May as a result of sanctions or importers intentionally avoiding Russian supplies.


According to Reuters, major global trading houses aim to reduce their imports of crude and gasoline from Russia's state-controlled oil corporations in May.


Russia's Energy Ministry said that access to its data on oil and gas production and exports will be restricted.


Trade will remain "a little anxious" while the conflict between Russia and Ukraine raged on and nations considered banning Russian imports, Price Futures Group analyst Phil Flynn said.


"The key issue will be how many individuals want to be oil short heading into the long weekend."


Traders also changed their positions on Thursday, when May crude oil options in the United States expire.


According to industry analysts, US oil production predictions are being revised upward despite labor and supply chain restrictions, as higher prices stimulate additional drilling and well completion activities.


US oil rigs increased by two to 548 this week, the highest level since April 2020, according to energy services company Baker Hughes.


The US Energy Information Administration said on Wednesday that the United States' oil reserves increased by more than 9 million barrels last week, owing in part to strategic reserve releases. According to a Reuters survey, analysts expected just an 863,000-barrel gain.


On the demand side, Chinese refiners are set to reduce crude throughput by about 6% this month, a level last seen in the early days of the COVID-19 pandemic two years ago, industry sources and analysts said. The move is intended to relieve pressure on bulging fuel inventories following recent lockdowns.

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