LONDON—Oil prices firmed on Wednesday after European Union leaders agreed to a partial and phased ban on Russian oil and as China ended its COVID-19 lockdown in Shanghai. Brent crude was up $1.71, or 1.5 percent, at $117.31 a barrel by 0817 GMT. U.S. West Texas Intermediate (WTI) crude rose $1.67, or 1.5 percent, to…
Oil Firms on EU’s Russian Oil Ban and End of Shanghai Lockdown
June 1, 2022
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Stocks Slip, Bond Yields Rise on Inflation Worries
LONDON—Global stocks fell and bond yields rose on Wednesday, while the dollar strengthened, as investors fretted over soaring inflation and the impact on global growth from looming interest rate rises. Europe’s STOXX 600 index turned negative in morning trading, giving up early gains of 0.3 percent. British stocks fell 0.2 percent. To blame were drops…
US Wheat Crop Hit by Dry Winter Then Soggy Spring, Adding to Global Tightness
May 31, 2022
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North Dakota farmer Dwight Grotberg wanted to plant more wheat this spring to capitalize on soaring prices since Ukraine’s war cut grain exports and left the world short of millions of tons of wheat supply. Heavy rain has prevented Grotberg from planting as much wheat crop as he wanted and is hampering farmers across the…
Gas Prices Hit Record High After EU’s Partial Ban on Russian Oil Imports
Gasoline prices hit a new record on May 31 after the European Union agreed to a partial ban on Russian oil imports by the end of 2022 as part of the sixth package of sanctions against Russia over its invasion of Ukraine. In the United States, prices at the pump rose to a national average of $4.622 per…
Oil Bull Run Continues as EU Agrees to Ban Most Russian Oil
May 31, 2022
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LONDON—Oil prices extended a bull run on Tuesday after the EU agreed to a partial and phased ban on Russian oil and China decided to lift some coronavirus restrictions amid rising demand ahead of the peak U.S. and European summer driving season. Brent crude for July, which expires on Tuesday, rose $2.11, or 1.7 percent,…
Oil Surge Fans Inflation Fears, Dampens Stocks
May 31, 2022
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LONDON—European shares opened weaker on Tuesday and Wall Street was tipped for a fall, as surging oil prices fanned fears of further acceleration in global inflation, forcing the U.S. Federal Reserve and other central banks to keep raising interest rates. Markets ignored signs that China’s economic pain may be abating amid easing COVID-19 curbs and…
Russia’s Gazprom Halts Gas Deliveries to Dutch Trader GasTerra, Effective Immediately
May 31, 2022
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Russia’s Gazprom has cut off gas supplies to Dutch gas trader GasTerra after it had failed to comply with requirements to pay for deliveries in Russian rubles. GasTerra said in a statement on May 30 that it has “decided not to comply with Gazprom’s one-sided payment requirements.” Russian President Vladimir Putin issues a decree in March stating that from…
Moscow Shrugs Off EU Oil Ban: ‘Russia Will Find Other Importers’
May 31, 2022
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Moscow struck a defiant tone in reaction to the European Union’s new partial ban on Russian oil imports, with a senior Kremlin official saying his country would simply pivot to other importers. E.U. leaders agreed at a May 30 summit in Brussels to embargo the majority of Russian oil imports into the bloc by the…
American Families Will Face Rising Electricity Prices in Coming Months, or Longer
Many Americans have felt the pain of inflation at the gas pump or when buying groceries. But not all have noticed that electricity prices have also quietly gone up. For this coming summer, or maybe a much longer time, more American families will be hit by hefty electricity bills. According to the U.S. Energy Information…
Oil Prices Surpass $120 per Barrel as Europe Considers Sanctions on Russian Energy Imports
May 30, 2022
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Oil prices remained elevated during early trading on May 30 as traders await Europe’s decision on Russian oil import sanctions. The Brent crude oil futures contract for July hit $120.02 per barrel at 11 a.m. UTC (7 a.m. Eastern time) on May 30, its highest level in over two months. Meanwhile, U.S. West Texas Intermediate…
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