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On August 9th, regarding Fridays unexpectedly negative US non-farm payroll data, Rick Reid, Chief Investment Officer of BlackRocks Global Fixed Income division, stated that last months weaker-than-expected employment data reflects the "productivity revolution" of the artificial intelligence era. He believes the decline in non-farm payrolls reflects that US companies are learning how to expand output without increasing the number of employees. He said, "I dont think adjusting the overnight federal funds rate will really solve the problem—weve seen this before… I just think that raising rates now doesnt make much sense."The commander of the Iranian Revolutionary Guard stated that the United States and Israel have completely failed in achieving their goals against the Islamic regime, and their leaders have shown no response to their repeated failures in the face of public opinion, elites, and their own people.According to Irans Fars News Agency, Bulgaria claims that a Ukrainian drone attacked the Trans-Balkan Gas Pipeline this morning, which carries Russian gas to Europe via Türkiye.August 9th - Analysts point out that the market generally expects the US CPI to rise 0.1% month-on-month in July, after a 0.4% decline in June. The core CPI, excluding fuel and food, is expected to rise 0.2% month-on-month and 2.5% year-on-year, the smallest year-on-year increase since February. The slowdown in inflation may help alleviate inflationary anxieties within the Federal Reserve following Fridays weak July non-farm payroll report. Previously, at the July 29th meeting, three officials voted to raise interest rates. The CPI report is likely to show that energy-related price pressures have eased, pressures that intensified sharply in the months following the start of the US-Iran conflict in late February. Retail gasoline prices fell to their lowest point in nearly four months in early July before rebounding to above $4 per gallon by the end of the month. The report may also show that airfares have declined as jet fuel costs have stabilized.On August 9th, local time, the U.S. Central Command stated that on August 8th, U.S. Navy personnel were performing maintenance on F/A-18 Super Hornet fighter jets aboard the USS Abraham Lincoln aircraft carrier to ensure the carrier strike groups equipment remained operational and to continue strictly enforcing the naval blockade against Iran. As of that day, the U.S. military had diverted 53 merchant ships, rendered two ships inoperable, and boarded and inspected two other vessels. In addition, the U.S. military allowed more than 30 ships carrying humanitarian aid to pass through the blockade zone.

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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