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Futures News, July 15th - Data released by the Petroleum Institute of Japan (PAJ) on Wednesday showed that for the week ending July 11th, Japans commercial crude oil inventories stood at 10,268,993 kiloliters, a decrease of 331,964 kiloliters from the previous weeks 10,600,957 kiloliters. Refinery operational capacity utilization was 86.20%, compared to 83.00% the previous week. Refinery design capacity utilization was 74.60%, unchanged from 73.00% the previous week. Due to changes in Japans petroleum product supply structure, the PAJ has suspended the release of weekly inventory details for gasoline, jet fuel, kerosene, and diesel.On July 15th, NIO became a strategic investor in Changxin Technology, committing to a subscription amount of 158 million yuan with a lock-up period of 18 months. The two companies will engage in strategic cooperation on existing automotive-grade LPDDR4X and LPDDR5X products, aiming to build a stable and mutually trusting strategic supply relationship. In recent years, NIO has continuously invested in core technologies such as chips, intelligent driving, and energy, and has deepened its strategic cooperation with key partners in the industry chain.July 15th - Anta Sports (02020.HK) announced that its former CEO, Xu Yang, has resigned due to family reasons. The group has approved his resignation and he will be reassigned. Lai Shixian, Executive Director and Co-CEO of Anta Group, will assume the role of acting CEO of the Anta brand, effective immediately, and will be fully responsible for the brands daily operations and management. Anta emphasized that its established long-term development strategy remains unchanged.On July 15th, Yonhap News Agency reported that South Korean retail investors purchased approximately 400 billion won worth of SK Hynixs American Depositary Receipts (ADRs) on their first day of trading on Nasdaq. SK Hynix ADRs began trading on Nasdaq on July 10th, with approximately 84,000 investors purchasing the stock through nine major South Korean securities firms. South Korean investors collectively held 1.36 million shares that day, representing 0.76% of the total 177.9 million shares issued. Based on the issue price, this holding was worth approximately 338.9 billion won. If clients of other securities firms not included in the statistics are taken, the number of South Korean investors who purchased the stock is estimated to be close to 100,000, with a total holding of approximately 400 billion won. The strong buying by South Korean retail investors was also reflected in the domestic stock market. On July 10th, individual investors made net purchases of 788,510 SK Hynix shares in the South Korean stock market, amounting to approximately 1.7 trillion won. Even with the stock falling 16.15% on the 13th, retail investors continued to increase their holdings, buying approximately 3 trillion won.On July 15, Minister of Commerce Wang Wentao met with Solomon Islands Minister of Foreign Affairs and Foreign Trade Honipwela on July 14, and they held friendly exchanges on issues such as China-China economic and trade relations. Wang Wentao stated that China is willing to work with the Solomon Islands to continue expanding mutually beneficial economic and trade cooperation and promote new developments in the China-China comprehensive strategic partnership for a new era. Honipwela stated that since the establishment of diplomatic relations between the Solomon Islands and China, bilateral relations have continuously developed and improved, and he looks forward to further deepening cooperation with China in various fields. After the meeting, Wang Wentao and Honipwela jointly signed the "Framework Agreement on Enhancing the Economic Partnership." Both sides will conduct flexible and pragmatic negotiations based on this agreement to reach mutually beneficial institutional arrangements for expanding bilateral trade, investment, and practical cooperation, better promote regional supply chain cooperation, and elevate China-China economic and trade relations to a new level.

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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