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California Governor Gavin Newsom: Last year, Trump and Republicans opted to raise Medicare premiums for millions of Americans in the Affordable Care Act (ACA) market. My proposed budget will continue to offer $0 premium Medicare plans for low-income Californians to help clean up the fiscal mess Trump created.Israel Defense Forces: The alarm that just sounded in the Majidal Shams area has been confirmed as a false alarm.1. Ukraines Ministry of Development: Russia attacked a grain terminal at a Ukrainian port, injuring seven people. 2. Russias Ministry of Defense: Russian forces conducted a large-scale offensive against Ukraine from May 12 to 15. 3. The commander of Ukraines drone force stated that Ukrainian drones attacked a Russian oil refinery in the Ryazan region. 4. Irans Foreign Minister confirmed that talks have been held with Russia regarding a proposal to store enriched uranium. 5. Russias Foreign Minister: Russia hopes to end the war with Iran and achieve a sustainable solution. 6. Russias Ministry of Defense: The UAE-mediated exchange of war prisoners between Russia and Ukraine will take place on Friday. 7. According to industry sources and Reuters calculations, Russias seaborne exports of petroleum products fell 9.8% month-on-month in April. 8. Russian State Statistics Service: Russias GDP fell 0.2% year-on-year in the first quarter, compared to a 1% increase in the previous quarter.On May 16, the 11th Review Conference of the Treaty on the Non-Proliferation of Nuclear Weapons (NPT) continued at the United Nations Headquarters in New York. China called on relevant nuclear-weapon states to withdraw their overseas-deployed nuclear weapons to their own territories and to avoid new deployments on foreign soil. Regarding nuclear sharing arrangements, China believes that this issue involves nuclear disarmament and should be examined from the perspective of preventing nuclear proliferation. China expressed serious concern about existing nuclear sharing and extended deterrence arrangements and called on relevant nuclear-weapon states to withdraw their overseas-deployed nuclear weapons to their own territories and to avoid new deployments on foreign soil. China also stated that the serious imbalance between the supply and demand of sensitive nuclear materials in certain countries deserves serious attention. The International Atomic Energy Agency (IAEA) needs to strengthen its research and monitoring of related issues to prevent actions that are inconsistent with the NPT.NIO (NIO.N): As of May 16, NIO has built 8,868 charging and battery swapping stations nationwide, including 3,848 battery swapping stations, 5,020 charging stations, and 28,853 charging piles, providing more than 100 million battery swaps to date.

Oil Quiet As Price Cap Suggestion Assists in Relieving Supply Concerns

Skylar Williams

Nov 25, 2022 14:48

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Benchmark Brent oil declined on Thursday, while West Texas Intermediate (WTI) crude remained unchanged, hovering at two-month lows due to uncertainty about the degree to which a proposed G7 restriction on the price of Russian oil would limit supply.


A larger-than-anticipated rise in gasoline inventories in the United States and an expansion of COVID-19 limitations in China also knocked on oil prices.


At 15.15 p.m. ET (2015 GMT), Brent oil prices decreased 29 cents, or 0.3%, to $85.12 per barrel, while U.S. WTI crude futures decreased 2 cents, to $77.96 per barrel.


Due to the Thanksgiving break in the United States, trade volumes were quite low.


The announcement on Wednesday that the expected price ceiling for Russian oil may surpass the current market level triggered a decrease of about 3 percent for both benchmarks.


European Union nations remained divided over what level to cap Russian oil prices to limit Moscow's ability to pay for its battle in Ukraine without causing a global oil supply shock; if positions converge on Friday, more conversations are possible.


A European official claimed that the G7 is discussing a cap of $65-$70 per barrel for Russian oil transported by sea, but European Union member states have not yet reached an agreement on a price.


A higher price ceiling might encourage Russia to continue selling its oil, decreasing the possibility of a global oil supply shortage.


According to two sources, several Indian refiners are discounting Russian Urals crude by between $25 and $35 per barrel compared to the worldwide benchmark Brent oil. Urals is Russia's principal crude export.


Despite the obstacles, Bart Melek, global head of commodities market strategy at TD Securities, is rather optimistic about oil. "The Russian price ceiling is another aspect that contributed to the current price fall," he stated.


The Energy Information Administration (EIA) said on Wednesday that gasoline and distillate inventories in the United States climbed substantially during the previous week. [EIA/S]


In contrast, oil stockpiles decreased by 3.7 million barrels to 431.7 million barrels in the week ending November 18, despite a Reuters survey predicting a reduction of 1.1 million barrels.


China reported the highest daily number of COVID-19 cases since the outbreak began over three years ago on Wednesday. Local officials intensified measures to remove the breakouts, raising investor anxiety over the economy and demand for fuel.

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