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The most active palladium futures contract fell 4.00% intraday, currently trading at 292.90 yuan/gram. The most active platinum futures contract fell more than 4.00% intraday, currently trading at 443.50 yuan/gram.The main contract for the container shipping index (European route) has extended its intraday gains to 3.00%, currently trading at 3778.0 points.June 8th Futures News: According to JLC Networks calculations, as of the second working day of June 8th, the change rate was -2.24%, with the average price of reference oil types at $92.93/barrel. Domestic gasoline and diesel prices should be reduced by 130 yuan/ton. The price adjustment window for this round is at 24:00 on June 18th. 1. Shandong Local Refineries: Over the weekend, traders opted for lower prices, leading to improved sales of gasoline and diesel at local refineries. Furthermore, the opening price of international crude oil rose, providing a positive boost. It is expected that the price of refined oil products in Shandong will rise by around 30 yuan/ton today. 2. East China: After a decline in crude oil prices on Monday, prices opened higher today, but news is uncertain. It is expected that the price of refined oil products from major oil companies in East China will remain within a narrow range today, with ample discounts for actual transactions. Traders are cautious with their immediate needs, resulting in a sluggish trading atmosphere. 3. South China: On Monday, international crude oil prices opened higher, and news caused significant volatility. It is expected that the price of gasoline and diesel products from major oil companies in South China will remain within a narrow range today, with downstream end-users purchasing only as needed, resulting in a sluggish trading atmosphere. 4. North China: International oil prices opened higher today after falling on Monday. With uncertain news direction, gasoline and diesel prices in North China are expected to fluctuate within a stable range. Favorable weather in the region this week will provide some support for gasoline and diesel demand, with downstream operators maintaining cautious operations based on immediate needs. 5. Central China: Crude oil prices fell on Monday, and news pointed to a bearish outlook. Gasoline and diesel prices in Central China are expected to be under pressure today. Demand is flat, with operators mostly maintaining immediate needs, resulting in sluggish trading.The yield on Japans 30-year government bonds rose 3 basis points to 3.920%.The yield on Japans 5-year government bond rose 2.0 basis points to 1.940%.

Oil Extends Gains After News of EU Proposal For Russian Oil Ban

Haiden Holmes

May 05, 2022 09:53

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Oil prices rose up at the start of Asian trade on Thursday, extending gains from the previous session, following the European Union's proposal of further sanctions against Russia, including a six-month crude oil embargo.


By 0:02 GMT, Brent crude futures were up 22 cents to $110.36 a barrel. The price of WTI crude futures increased by 15 cents to $107.96 a barrel.


On Wednesday, both benchmarks increased by more over $5 a barrel.


The plan, announced by European Commission President Ursula von der Leyen and requiring unanimous approval by the EU's 27 member states to become law, calls for the phase-out of Russian crude oil supplies in six months and refined products by the end of 2022. Additionally, it seeks to prohibit EU corporations from providing shipping, brokerage, insurance, and financing services for the shipment of Russian oil within a month.


However, the EU confronts the challenge of finding alternatives as it imports approximately 3.5 million barrels of Russian oil and petroleum products daily and is also reliant on Moscow's gas supplies.


A few eastern European countries are concerned that the stop will not provide them with the time to adapt.


Market traders expected the Organization of the Petroleum Exporting Countries and Associated Producers' meeting on Thursday, dubbed OPEC+.


The group is poised to agree to increase monthly output objectives by 432,000 barrels per day (bpd) in June, according to four OPEC+ delegates.


According to the US Energy Information Administration, oil stockpiles increased marginally last week. Stocks increased by 1.2 million barrels as the US increased the amount of crude released from its strategic reserves. 

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