Slovakia wants to reach an agreement on the end of Russian gas supply by Tuesday
Robert Fico, Slovakia's Prime Minister, said that the country hoped to reach an agreement by Tuesday with the European Commission and EU partner countries on guarantees it would not be affected by the end of Russian supplies as well as a new package of sanctions against Russia. Slovakia has blocked the EU's…
Oil Prices Rise as Investors Consider Market Uncertainties
Oil prices rose over 2% on Friday as investors weighed a tight short-term market against the potential surplus this year forecast by the IEA, while U.S. tariffs and possible further sanctions on Russia were also in focus.Brent crude futures were up $1.68, or 2.5%, at $70.32 a barrel by 1:22 p.m. EDT (1722 GMT). U.S.
European Commission to Propose Floating Price Cap on Russian Oil
The European Commission is expected to propose a floating Russian oil price cap this week as part of a new draft sanctions package in an attempt to overcome opposition from some member states, four EU diplomats said.The Commission proposed lowering the Group of Seven (G7) nations' price cap from $60 a barrel…
Europe looks to Nordic Space Race to reduce US dependence
Two small spaceports located in the far north of Sweden, Norway and Finland are rushing to launch the very first satellites launched from Europe. The region is looking to reduce its dependence on U.S. companies. The "America First" policies of U.S. president Donald Trump and the conflict in Ukraine has prompted Europe's independent capabilities to be boosted in many areas…
The price of EUROPE GAS has recovered after a loss earlier in the week
The wholesale gas prices in both the Netherlands and Britain rose on Wednesday morning after falling earlier in this week. LSEG data shows that the benchmark Dutch contract for August deliveries at TTF hub rose 0.86 euros to 33.30 Euro per megawatt-hour at 0813 GMT. The Dutch contract was 0.43 euros higher, at 34.83 Euro/MWh.
GRAINS-Chicago corn and soybeans rebound from multi-month-lows
Analysts said that Chicago corn and soybeans futures rose from their multi-month lows on Friday, thanks to short covering and the weakening of the dollar. On Monday, grain market participants also adjusted their positions after focusing on the U.S. Department of Agriculture's acreage reports and stock and crop progress updates.
GRAINS - Chicago corn and soybeans rebound from multi-month-lows
Analysts said that Chicago corn and soybeans futures rose from their multi-month lows on Friday, supported by short cover and a declining dollar. On Monday, grain market participants also adjusted their positions after focusing on the U.S. Department of Agriculture's acreage reports and stock and crop reports.
EU approves Italian scheme to support energy-intensive industries
Italy's Energy Minister said that the European Commission had approved a scheme by the Italian government to support power-intensive industries as well as a green transition in Italy. Gilberto Pichetto-Fratin, in a press release, said that the Commission considered "Energy Release 2.0" to be compatible with EU rules on internal markets and regulations on state aid.
Denmark warns EU not to stop green transition
The climate minister of Denmark said that European nations must not stop the green transition on the continent. His country is preparing to lead EU negotations over a new climate goal amid backlash from governments worried about its costs. Next week, the European Commission will propose a new climate target…
EU relaxes rules on state aid to promote green projects and reduce carbon footprint
The European Commission announced Wednesday that it would make it easier for businesses to receive state aids to support projects to reduce carbon emissions or to switch to "green" projects. Heavy industries will also benefit from temporary price reductions in electricity under the new rules. The Commission announced Wednesday that the new rules for state aid…
EU relaxes rules on state aid to promote green projects and reduce carbon footprint
The European Commission announced Wednesday that it would make it easier for businesses to receive state aids to support projects to reduce carbon emissions or to switch to "green" projects. Heavy industries will also benefit from a temporary reduction in power prices under the new rules. The Commission announced Wednesday that the new rules for state aid…
Palm oil prices fall as Middle East tensions weigh
The price of Malaysian palm oils futures fell on Wednesday, reversing earlier gains as the market was weighed down by uncertainty about the developments in the Israel/Iran conflict. However, strong export data helped to limit the losses. At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives…
Palm prices rise on the back of exports but Middle East unrest caps gains
The price of Malaysian palm oils futures increased slightly on Wednesday. This was a slight recovery from the previous session. Expectations of strong export numbers supported the market while uncertainty about the Middle East conflict limited the gains. At midday, the benchmark palm oil contract on Bursa Derivatives Exchange for September delivery gained 12 ringgit (0.3%)…
EU agrees on loosening gas storage regulations
After concerns were raised that the EU's earlier rules regarding filling gas storage could have led to an increase in energy prices, the EU member states and the EU parliament reached agreement on a loosening of the EU's regulations on filling. The European Commission announced the agreement on Tuesday. In 2022…
Draft document shows that heavy industries will get a price reduction on electricity under the new EU regulations
A draft of the new EU rules on state aid, which are due to be published by the European Commission on Wednesday, revealed that heavy industries would receive a temporary reduction in electricity prices. This is despite criticisms from companies about high energy costs and restrictive green regulations. Eurometaux…
EU envoys are expecting to resolve the blockage of new Russia sanctions by this week
Diplomats from the European Union said that they expected to reach an agreement during a summit of the EU this week regarding an 18th package against Russia. Slovakia and Hungary use it as a bargaining tool for concessions about Russian energy. The European Commission proposed the package to encourage Russia…
Hungary's Orban calls on EU to lift Russian energy ban amid US/Iran conflict
Hungarian Prime Minster Viktor Orban urged on Sunday the European Union not to impose a ban on Russian Energy due to the expected increase in energy prices after the US bombings of Iran. The European Commission proposed on Tuesday a legally-binding ban on EU imports from Russia of gas and liquefied gas by 2027.
Russian Yamal LNG Plant Ships First Cargo This Season Via Northern Sea Route
Russia's Yamal LNG plant, operated by Novatek, has dispatched a first cargo of liquefied natural gas this season via the Northern Sea Route to China, Kommersant daily reported on Friday, citing Kpler data.It said the Arc 7 ice-class tanker Georgiy Ushakov left the port of Sabetta on June 19 and has been moving eastward along Russia's Arctic shore.The route, challenging due to thick
The EU's plans to ban Russian gas
The European Commission proposed Tuesday legally binding measures to end the European Union's imports from Russia of gas and liquefied gas by the end 2027. This would put an end to decades-old energy relationships with Europe's ex-top gas supplier. The details of the proposals are below. They still require approval by EU countries and the European Parliament.
EU takes measures to limit ethanol imports by Pakistan
The European Commission ended its tariff preference for imports of non-fuel ethanol from Pakistan. This was in response to EU ethanol producers' concerns that an influx of cheap imports coming from Asia were putting pressure on prices and disrupting markets. In the EU Official Journal, published on Friday, the…
