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On January 19th, according to foreign media reports, international crude oil futures fell as the possibility of a US attack on Iran leading to supply disruptions decreased, while the market closely watched the US tariff threats over Greenland. As of 21:58 Beijing time, the March Brent crude oil futures contract fell $0.37, or 0.58%, to $63.76 per barrel. The US crude oil futures contract fell $0.28, or 0.47%, to $59.16 per barrel. Rystad analyst Janiv Shah said, "With the rumors of a US attack fading over the past few days, the market is now focused on the situation in Greenland and the extent of the potential serious consequences between the US and Europe, as any escalation of the trade war could impact demand." PVM Oil Associates analyst John Evans said the market also faces the risk of damage to Russian infrastructure and distillate supplies, as forecasts of colder weather in North America and Europe, coupled with concerns about Iran, are making the market uneasy.January 19th - Sources familiar with the matter revealed that Googles sales of Gemini AI models have surged over the past year. Gemini API calls have more than doubled, reaching 85 billion; Gemini Enterprise has grown to 8 million subscribers. Sources indicated that this is expected to boost revenue from Google Cloud server sales, a core business, as customer spending on AI often leads to additional spending on other Google products.The Syrian Democratic Forces, led by the Kurds, say that the Shadadi prison is currently outside their control.Indian Foreign Secretary: India and Afghanistan aim to double bilateral trade to $200 billion by 2032.According to Reuters calculations, Russias oil and gas revenues are expected to fall to 420 billion rubles in January due to weak oil prices and a stronger ruble.

Energy Prices Fall As Concerns About Russia's Oil Sanctions Grow

Aria Thomas

Apr 08, 2022 09:22

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Brent oil futures slid 49 cents, or 0.5 percent, to $100.58 a barrel, while West Texas Intermediate (WTI) crude in the United States sank 20 cents, or 0.6 percent, to $96.03 a barrel. Both benchmarks fell more than 5% in the previous session to their lowest closing levels since March 16.


Josep Borrell, the European Union's top diplomat, warned a NATO summit that fresh EU sanctions, including a ban on Russian coal, may be adopted Thursday or Friday, and the group would next consider an oil embargo.


The coal prohibition, on the other hand, would take effect in its entirety in mid-August, a month later than originally anticipated.


"Nobody wants to take the risk of sanctioning Russian energy, which has been propping up the market," said Bob Yawger, director of energy futures at Mizuho.


India has maintained its purchases of discounted Russian crude oil imports, avoiding the loss of 2-3 million barrels of Russian oil per day expected by experts.


"While such a loss is still conceivable after contracts expire and India's refinery or storage requirements are met, such a scenario is still weeks, if not months, away," said Jim Ritterbusch, president of Ritterbusch and Associates LLC in Galena, Illinois.


Multiple outbreaks of the virus in China have triggered significant lockdowns in the country's largest metropolis, Shanghai.


"The demand situation in China is very dire, even more so now that there is so much fresh supply on the market," said John Kilduff, a New York-based partner at Again Capital LLC.


On Wednesday, member nations of the International Energy Agency (IEA) agreed to release an additional 60 million barrels on top of the 180 million barrels promised last week by the United States to help bring down gasoline prices.


Japan's Kyodo news agency stated that the country would release 15 million barrels of oil from public and private stockpiles.


"While this is the largest release since the stockpile was established in 1980, it will ultimately fail to alter the oil market's fundamentals," ANZ bank stated of the US dump.


According to ANZ, the announcement will likely postpone any producer production rises and may provide OPEC+ with further "breathing space despite requests to expand output further."


Other experts saw the stock market's rebound as a significant relief despite worries about market tightening.


"In light of these volumes, prior fears about supply constraints are no longer warranted, as seen by the price trend," Commerzbank (DE:CBKG) stated, adding that Brent prices had fallen by nearly $12 a barrel since the initial indication of a US release last week.


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