MILAN/SINGAPORE—World shares fell on Tuesday and bond yields remained supported as a surprise 50-basis-point rate increase in Australia raised concern over policy tightening ahead of U.S. inflation data and a European Central Bank meeting this week. The Reserve Bank of Australia (RBA) raised rates by the most in 22 years and flagged more tightening to…
Gasoline Prices Heading For $5, ‘Not If, But When,’ Says GasBuddy
June 6, 2022
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America’s average gas prices have risen for the seventh straight week, and are heading towards $5 per gallon, according to Patrick De Haan, head of petroleum analysis at GasBuddy. The national average gas price was at $4.85 per gallon according to GasBuddy data compiled from over 11 million individual price reports covering more than 15,000…
US Crude Oil Futures Hit Multi-Month Highs After Saudi Arabia Hikes Oil Price
June 6, 2022
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After Saudi Arabia announced a rise in crude prices for July, crude oil futures in the United States hit their highest level in nearly three months. West Texas Intermediate crude futures hit a three-month high of $120.99 per barrel on Monday, and were trading at $119.28 per barrel at 04:58 a.m. EDT. Meanwhile, Brent crude…
Germany Faces 5 Billion Euros a Year Hit From Russian Gas Sanctions: Newspaper
June 6, 2022
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BERLIN—Russia’s sanctions against Gazprom Germania and its subsidiaries could cost German taxpayers and gas users an extra 5 billion euros ($5.4 billion) a year to pay for replacement gas, the Welt am Sonntag weekly reported, citing industry representatives. In May, Russia decided to stop supplying Gazprom Germania, which had been the German subsidiary of Gazprom,…
Hedge Fund Elliott Sues LME for $456 Million Over Nickel Trading Halt
HONG KONG/LONDON—U.S. hedge fund Elliott Associates is suing the London Metal Exchange (LME) for $456 million for cancelling nickel trades after chaotic trading in March that forced the exchange to suspend its nickel market, the LME said on Monday. The legal action piles more pressure on the exchange, which is being probed by regulators and…
Stocks Firm Ahead of Rate Meetings, Crude Hits $120
LONDON—Stocks, the dollar, and crude oil firmed on Monday as investors positioned themselves for more direction on interest rates and the economy from a string of central bank meetings spilling into next week. The European Central Bank meets on Thursday, though it is not expected to begin raising interest rates until July, with rate setters…
Gasoline Prices Now Double What They Were When Biden Was Inaugurated
June 4, 2022
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Soaring gasoline prices in the United States have just hit a politically-charged milestone—they’re now double what they were when President Joe Biden took office. The average retail price of regular-grade gasoline climbed to its highest recorded price of $4.819 per gallon on June 4, according to the American Automobile Association (AAA). Besides setting a new…
Russia Limits Exports of Noble Gases, a Key Ingredient for Making Chips
June 3, 2022
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Sanctions-hit Russia has limited exports of noble gases such as neon, a key ingredient for making chips, until the end of 2022 to strengthen its market position, its trade ministry said on Thursday. Russia’s export curbs could worsen the supply crunch in the global chips market. Ukraine was one of the world’s largest suppliers of…
EU Formally Approves Embargo on Russia Oil
June 3, 2022
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BRUSSELS—The European Union on Friday formally approved an embargo on Russian oil and other sanctions targeting major banks and broadcasters over Moscow’s war on Ukraine. EU headquarters says Russian crude oil will be phased out over six months, and other refined petroleum products over eight months. It says that “a temporary exception is foreseen” for…
Oil Slips After OPEC+ Hike, Tight Supply Limits Loss
LONDON—Oil slipped on Friday after OPEC+ decided to increase production targets by slightly more than planned, although tight global supply and rising demand as China eases COVID-19 restrictions limited the decline. The Organization of the Petroleum Exporting Countries and allies, or OPEC+, on Thursday, increased their output boost to 648,000 barrels per day (bpd) in…
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