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March 18 – In response to strong consumer backlash over price increases triggered by the war, Germany has taken action to limit the frequency of gas station price adjustments and strengthen antitrust oversight. According to a document from the Ministry of Economic Affairs, gas station operators are only allowed to adjust gasoline and diesel prices once a day at midday, while price reductions can be made at any time. Violators will face fines of up to €100,000 (approximately US$115,400). The ruling coalition will also strengthen antitrust enforcement by shifting the burden of proof from regulators to fuel suppliers operating in Germany. Companies will be required to prove compliance with the rules, rather than the authorities proving market abuse. These measures are Chancellor Merzs response to the oil price surge caused by the war with Iran. This month, fuel prices in Germany have risen to over €2 per liter (approximately US$2.3079), prompting calls for state intervention from lobbying groups, politicians, and voters.March 18th - As of 2:30 PM closing, the Shanghai Gold futures contract fell 0.16% to 1114 yuan/gram, the Shanghai Silver futures contract fell 1.85% to 20088 yuan/kilogram, and the SC Crude Oil futures contract rose 2.74% to 756 yuan/barrel.Market news: The Public Diplomacy and Information Center of the Iranian Nuclear Energy Organization stated that, regarding reports of enemy projectiles hitting the Bushehr nuclear power plant, the National Nuclear Safety Systems Center confirmed that, fortunately, there was no financial, technical, or personnel damage, and no part of the nuclear power plant was damaged. This action violates all international regulations regarding the protection of nuclear facilities from military attack and could have irreversible consequences for the entire region, including neighboring countries in the Persian Gulf.According to the Washington Post, the United States has asked all embassies to review their security measures in response to recent attacks.Ukrainian President Zelenskyy: At the trilateral meeting with British Prime Minister Starmer and the NATO Secretary General, we discussed joint weapons production and coordination in this direction to strengthen Ukraine and Europe as a whole. It is crucial to continue strengthening our air defense capabilities and providing sufficient missiles for our air defense systems.

WTI bulls continue to dominate in short squeeze

Daniel Rogers

Nov 16, 2022 14:45

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West Texas Intermediate, (WTI) experienced a short squeeze in the final portion of Tuesday's Wall Street session, moving towards in-the-money shorts from the beginning of the week. At the time of writing, the price of black gold is $87.47 and is up approximately 0.7% on the day so far.

 

According to reports, a Russian missile launched as part of an attack on Ukraine's energy systems landed in NATO member Poland and killed two people. The emergency gathering of Poland's leaders is referred to as a "crisis situation." The attack occurred near the village of Przewodow, close to the Ukrainian border, according to Polish media. Since then, the Polish foreign ministry has verified that a Russian-made rocket hit the Polish hamlet of Przewodów. In response, Stoltenberg will preside over an emergency summit of NATO on Wednesday morning.

 

According to ANZ Bank analysts, prices rose late in the session after a crucial pipeline transporting Russian oil to Eastern Europe was shut down due to a power outage. "The Ukrainian pipeline management stated that the cause was Russian artillery. The suspension impacts flows to Hungary, the Czech Republic, and Slovakia. It is currently unknown how long the pipeline disruption will last. This precedes the 5 December imposition of European restrictions on Russian crude oil imports. "Prices for crude oil had been under pressure early in the session due to demand concerns.

 

The data counterbalanced the negative IEA news that the agency has lowered its prediction for 2023 demand growth to 1.6 million barrels per day from 2.1 million bpd this year, while predicting a 240,000 bpd decline in demand in the fourth quarter of this year. "The GDP prognosis has deteriorated and 4Q22 global oil consumption will decline (-240 kb/d) compared to the same period last year. China's consistently sluggish economy, Europe's energy problem, expanding product defects, and the strength of the US dollar all impact hard on consumption "The agency's study stated.

 

"Earlier this week, OPEC also expressed concern about demand and therefore lowered its demand prediction for the fourth quarter. ANZ Bank analysts explained that rising COVID-19 instances in China dragged on confidence despite prospects of reducing virus restrictions earlier in the week. "Numerous large cities continue to report significant case counts. Across the nation, travel remains restrained due to the public's continued anxiety that it will be quarantined.

 

Separately, China has reported an increase in Covid infections, and many people under lockdown in the manufacturing hub of Guangzhou broke the containment barriers to protest in the streets. China's weak demand has been a drag on oil prices. Reuters stated that "new cases in Guangzhou surpassed 5,000 for the first time, increasing concerns that the city of more than 15 million could face larger lockdowns" The government reported 17,772 new cases of the coronavirus on Monday, up from 16,072 the day before.

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