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According to TASS, Russia is considering a short-term ban on diesel exports lasting several months.The yield on German two-year government bonds fell to a seven-week low of 2.508% after the release of the European Central Banks consumer expectations survey, down 3 basis points on the day.On June 26th, Fitch Ratings BMI Commodities Research division remained bullish on gold, maintaining its 2026 average gold price forecast of $4,600 per ounce. The firm also believes the Federal Reserve will not make any moves on interest rates this year. As noted last week, the Feds hawkish tone has fueled expectations of rate hikes, posing a significant downside risk to gold. However, as long as inflationary pressures related to the Middle East conflict materialize as expected, and with the recent US-Iran agreement beginning to subside, the most likely outcome is that interest rates will remain unchanged for an extended period. Short-term gold price movements may be driven by Fed policy signals, and precious metals are susceptible to market expectation repricing and a renewed strengthening of the US dollar in the short term.June 26th - A survey released by the European Central Bank (ECB) on Friday showed that eurozone consumers lowered their inflation expectations for the next year in May, while long-term expectations remained stable. This indicates that the ECB is not facing pressure to raise interest rates again quickly. Some ECB policymakers said that further tightening of monetary policy is still needed to curb inflation expectations, but there is still considerable disagreement within the ECB regarding the timing of the next move. The ECB consumer expectations survey showed that consumers expectations for inflation over the next year fell from 4.0% in April to 3.5% in May; their expectations for inflation over the next three and five years remained unchanged at 2.9% and 2.4%, respectively. Based on a survey of approximately 19,000 adults in 11 eurozone countries, the ECB stated: "Uncertainty about inflation expectations over the next 12 months has decreased, but remains higher than before the outbreak of the Middle East wars." As in the past, lower-income groups reported higher current inflation perceptions and expectations than other groups, while younger people reported relatively lower inflation perceptions and expectations. Financial markets currently expect the ECB to raise interest rates one or two more times, with the next rate hike not being fully priced in by the market until the fall.On June 26th, Wang Shuo, Director of the Wuhan Municipal Bureau of Data, revealed the above information at a press conference on the theme of "Activating the Value of Data Elements." He also stated that Wuhan will plan 100 data circulation and utilization scenarios around the "965" industrial system. "The upcoming new version of the computing power voucher policy will have a scale of 100 million yuan, and universities, research institutes, enterprises, and individual entrepreneurs residing in the OPC community can all apply," Wang Shuo said. He added that the simultaneously upgraded Wuhan computing power public service platform will enable tokenized services, striving to allow more individuals and enterprises to use computing power as easily as water and electricity.

Ukraine Will Block A Crucial Russian Gas Transit to Europe, Blaming Russia

Charlie Brooks

May 11, 2022 09:46

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Ukraine said on Tuesday that it will cease the flow of gas via a transit point that, according to Kiev, sends over one-third of the fuel piped from Russia to Europe through Ukraine. Kiev blamed Moscow for the action and said it would redirect the flows elsewhere.


Even after Moscow's invasion, Ukraine has remained a significant transit route for Russian gas to Europe.


The operator of Ukraine's gas infrastructure, GTSOU, has declared "force majeure" and will cease shipments through the Sokhranivka route as of Wednesday. "Force majeure" is a provision triggered when a firm is affected by circumstances beyond its control.


However, Gazprom (MCX:GAZP), which has a monopoly on Russian gas pipeline exports, said that it was "technologically impossible" to move all volumes to the Sudzha connecting point farther to the west, as GTSOU requested.


GTSOU CEO Sergiy Makogon told Reuters that Russian occupation troops have begun transporting gas flowing through Ukraine to two rebel territories supported by Russia in the country's east. He failed to provide proof.


The company stated that it was unable to operate at the Novopskov gas compressor station due to "the interference of the occupying forces in technical processes," adding that it could temporarily redirect the affected flow to the Sudzha physical interconnection point, which is located on Ukrainian territory.


Ukraine's suspension of Russian natural gas shipments via the Sokhranivka route should have no effect on the local Ukrainian market, according to Yuriy Vitrenko, the president of the state-owned energy business Naftogaz.


The national gas company of Moldova, a tiny country on Ukraine's western border, said that neither GTSOU nor Gazprom had notified them of a supply interruption.


Russian army and separatist militants have controlled the Novopskov compressor station in the Luhansk area of eastern Ukraine since shortly after Moscow launched a "special military operation" in February.


GTSOU said that it is the first compressor in the Ukraine gas transit system in the Luhansk area, the transit route for about 32,6 million cubic metres of gas per day, or a third of the Russian gas transported to Europe through Ukraine.


To fulfill its "transit responsibilities to European partners in full," GTSOU said that it will "temporarily move unavailable capacity" to the Sudzha interconnection point.


Gazprom said it had received information from Ukraine that the nation will cease gas transit to Europe through the Sokhranivka interconnector at 7:00 a.m. on Wednesday local time.


The Russian corporation said that it observed no evidence of force majeure or impediments to business as usual. Gazprom emphasized that it was fulfilling its commitments to European gas purchasers.


As punishment for the invasion of Ukraine, the United States has pushed other nations to reduce their reliance on Russian energy and has prohibited Russian oil and other energy imports.


Ned Price, a spokeswoman for the U.S. State Department, said that Tuesday's declaration does not alter the "as soon as feasible" schedule for reducing global dependency on Russian oil.

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