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Market news: NATO Secretary General Rutte will meet with US President Trump in Washington next week.July 13, a senior German politician said on Sunday that the European Union and Washington may further negotiate to postpone raising import tariffs after U.S. President Trump threatened to raise tariffs on the European Union, escalating the trade war. "The negotiation poker game between the EU and the United States is entering a decisive stage," said Jurgen Hart, deputy leader of the conservative CDU/CSU party in the German Bundestag. "I bet that at least a partial agreement will be reached before August 1 and further postponed. After all, high tariffs have to be paid by American citizens and companies, which will lead to higher prices and inflation in the United States." Hart said Europe must dissuade Trump from "mistaking" the U.S. trade deficit for the EUs protectionist measures. He said the U.S. has a surplus in services due to the dominance of the IT industry, which largely offsets the trade deficit.July 13, European Commission President Ursula von der Leyen said on Sunday that a political agreement had been reached on advancing the EU-Indonesia free trade agreement. "There is still a lot of untapped potential in our trade relations, so this agreement comes at the right time and the new agreement will open up new markets," von der Leyen said at a press conference with the Indonesian president.July 13th, the UK plans to introduce new incentives to reduce the cost of people buying new electric cars. The British Labour government is trying to phase out the sale of heavily polluting cars. On Sunday, British Transport Secretary Heidi Alexander confirmed that she will announce new measures to promote electric vehicle sales this week. She said: "We will provide cheaper prices for those who want to switch to electric vehicles." As part of these efforts, her office announced on Sunday that it plans to invest 63 million pounds to build charging piles in homes and logistics warehouses across the UK, including providing charging pile funds for homes without driveways. Her department also outlined a 2.5 billion pound plan to support automakers in their transition to zero-emission vehicle manufacturing.Iraqs State Oil Marketing Organization SOMO: Iraq set the official selling price of Basra Medium crude oil for sales to North and South America in August at a discount of $1.15 per barrel to Argus sour crude oil.

European Refiners Benefit From Emergency Release of U.S. Oil Stocks

Haiden Holmes

May 13, 2022 09:57

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According to U.S. Customs data, ship tracking, and an industry source, at least three vessels carrying crude oil from U.S. emergency stocks set sail for Europe in April as European refiners rushed to replace Russian crude supplies.


Since Russia's invasion of Ukraine, releases from the Strategic Petroleum Reserve (SPR) have been made to combat supply shortages and halt fuel price increases. A release in the fall of 2017 was largely intended to reduce growing gasoline costs in the U.S.


The Biden administration added 180 million barrels to two smaller leaks from caves along the U.S. Gulf Coast since November. The United States has not banned exports of SPR oil, and analysts expect exports will increase.


Despite the releases, retail gasoline and diesel prices in the United States, averaging $4.40 and $5.55 per gallon, respectively, have stayed at record highs. Fuel demand is so strong According to expert predictions, the average quarterly profit per share for U.S. refiners is expected to be four times that of the first quarter.


Phillips 66 (NYSE:PSX) carried approximately 600,000 barrels of crude from the Bryan Mound cavern in Texas onto the ship Sea Holly last month. It is on route to Trieste, Italy, according to U.S. customs data and Refinitiv Eikon. A pipeline in Trieste transports crude oil to refineries in central Europe.


Last month, Atlantic Trading & Marketing (ATMI), a subsidiary of the French oil giant TotalEnergies, shipped little more than 1 million barrels of SPR crude to Rotterdam.


In April, approximately 2.25 million barrels of SPR were transferred on three vessels to Italy and the Netherlands, according to Matt Smith, lead oil analyst for the Americas at data provider Kpler.


According to government filings, ATMI has obtained at least 3.5 million barrels from the SPR, while Phillips has secured as least 10 million barrels. Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX), Marathon Petroleum (NYSE:MPC), and Valero Energy are additional firms that purchase SPR oil (NYSE:VLO).


Phillips 66 refuses to comment on business transactions. The ATMI did not react quickly to a request for comment.


With the ongoing release of SPR over the next few months, "exports can be anticipated," Kpler's Smith said.

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