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EMEA Natural Gas Update: Futures Down Over 2% After Trump Repeats Claim Iran War Near End

European natural gas futures were down on Wednesday after US President Donald Trump signaled a potential end to the conflict in the Middle East, repeating previous unsubstantiated claims made over the course of the Iran war so far.The front-month Dutch TTF contract was down 2.31% at 50.620 euros ($58.70) per megawatt hour, while the UK front-month NBP contract was down 2.52% to 123.460 British pence ($1.65) per therm.On Tuesday, while addressing lawmakers at the White House's annual Congressional Picnic, Trump said that his administration was set to end the war "very quickly," while noting that even Tehran wanted to "make a deal so badly."Vice President JD Vance echoed that sentiment, saying, "we think that we've made a lot of progress," while acknowledging lingering uncertainties and cautioning that it was difficult to draw firm conclusions until "we're actually putting pen to paper on signing a deal."Tehran, however, has yet to confirm this stance and its latest statements do not appear to align with Trump's declaration.The Islamic Revolution Guards Corps has issued a warning that any renewed aggression against the country would expand the conflict beyond the region, adding that Iran had not yet deployed all of its combat capabilities, according to Tasnim News Agency.Meanwhile, the strategically crucial Strait of Hormuz, which accounted for one-fifth of global LNG flows, remained closed for the 12th week running, with zero vessels transiting over the past 24 hours, according to the Hormuz Strait Monitor.Natural gas prices remained elevated in Europe, with new supply disruptions, such as operational issues at Malaysia's Bintulu LNG plant and the strike at Inpex's Ichthys LNG plant in Australia, weighing on supplies, according to Daniel Hynes, a senior commodity strategist at ANZ.This will make it tougher for Europe to replenish gas inventories now filled to 36.69% of capacity after a surprise withdrawal following weeks of injections. The figure compares to reserves of 44.71% of capacity one a year ago, according to data from Gas Infrastructure Europe.Inventories are also significantly below the five-year average for this period, at 50.4%, according to data from the Swiss Federal Office of Energy.On the weather front, just days after unseasonably cold temperatures, Europe is set to experience a late-May heatwave, as a heat dome takes shape across much of the continent, according to Severe-Weather EU.Temperatures across Spain and Portugal are expected to reach mid-to-upper 30 degrees Celsius, giving rise to cooling demand across the region.

Sectors53d ago

Sector Update: Financial Stocks Advance Premarket Wednesday

Financial stocks were advancing premarket Wednesday, with the State Street Financial Select Sector SPDR ETF (XLF) 0.2% higher.The Direxion Daily Financial Bull 3X Shares (FAS) was up 0.5% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.7% lower.Oversea-Chinese Banking handily outbid rivals in a recent deal to acquire the retail and wealth assets of HSBC (HSBC) in Indonesia, Bloomberg News reported, citing people familiar with the matter. Shares of HSBC were up more than 1% pre-bell.Visa (V) has launched its agentic-ready program in Central Europe, Middle East, and Africa to support its payment system, the company said. Visa shares were 0.3% higher premarket.JPMorgan Chase (JPM) has launched its digital savings bank, Chase, in Germany, the company said. JPMorgan Chase stock was up 0.3% pre-bell.

$FAS$FAZ$HSBC$JPM$V$XLF

Mining & Metals53d ago

CoTec Releases Updated Mineral Resource and "Positive" PEA for Lac Jeannine Iron Tailings Project; Lost Near 10% on Tuesday

CoTec Holdings (CTH.V), which fell near 10% yesterday, released an updated independent preliminary economic assessment for the Lac Jeannine iron tailings project in Quebec, according to a Wednesday news release.The updated PEA includes a new mineral resource estimate that was developed following the August 2025 drilling program, the company noted.CoTec said the updated PEA showed a 41% increase in the resource compared to the 2024 PEA with a global increase in total iron grade from 6.7% to 6.8% total Fe.Also, about 31 million tonnes of inferred resource was converted into indicated resourced supporting the first four years of production and the 2026 MRE has resulted in an extension of the life of mine to 15 years from 11 years with total tonnes of concentrate produced increasing from 3.8 Mt to 5.4 Mt, the company added.CoTec said the pre-tax net present value is US$141.5 million, and the internal rate of return is 33.8%, while the after tax NPV is $91.9 million, and the IRR is 29.6% with payback achieved in 2.3 years.All-in sustaining cost is $54.5/tonne compared to the 2024 PEA figure of $61/tonne, it added.

$CTH.V

Asia53d ago

GDS's Profit Soars in Q1

GDS (HKG:9698) recorded a rise in attributable profit in the first quarter of 2026 to 2.65 billion yuan from 763 million yuan a year prior, according to a Wednesday Hong Kong bourse filing.Earnings per share stood at 1.32 yuan, up from 0.43 yuan in the first quarter of 2025.Revenue climbed 24% to 3.37 billion yuan from 2.72 billion yuan in the year-ago period.

HKG:9698

Asia53d ago

Vietnam, US Look to Finalize Reciprocal Trade Agreement Soon

Vietnam and the US are working together to finalize a reciprocal trade agreement, Vietnamese Prime Minister Le Minh Hung said during a reception for Deputy U.S. Trade Representative Ambassador Rick Switzer in Ha Noi on Wednesday.Le emphasized that Vietnam does not pursue a policy of overcapacity and firms in the country operate under market principles, according to a statement on the Vietnam Government's website.Le stressed on the strict prohibition of all forms of forced labor under Vietnamese law, as well as the strict handling of intellectual property right violations as a national priority.He went on to term the two nations' economies as complementary rather than directly competitive.Switzer also underscored the importance of a reciprocal trade agreement between the two countries.

^HNX^HOSE

Sectors53d ago

Sector Update: Healthcare Stocks Edge Higher Premarket Wednesday

Healthcare stocks were edging higher premarket Wednesday, with the State Street Health Care Select Sector SPDR ETF (XLV) up 0.3% and the iShares Biotechnology ETF (IBB) advancing by 0.8%.Roivant Sciences (ROIV) stock was up nearly 6% after the company reported that it swung to a fiscal Q4 net income.ImmunityBio's (IBRX) supplemental biologics license application for Anktiva in combination with Bacillus Calmette-Guerin in patients with bladder cancer with papillary disease has been accepted for review by the US Food and Drug Administration, the company said. ImmunityBio shares were 8% higher pre-bell.Natera (NTRA) stock was up more than 2% after the company said the trial evaluating its Fetal Focus single-gene noninvasive prenatal test has enrolled more than 2,000 patients, more than doubling enrollment over the past year.

$IBB$IBRX$NTRA$ROIV$XLV

Sectors53d ago

Gold Edges Lower Even as Yields Ease and the Dollar Steadies

Gold prices fell for a third-straight session early Wednesday even as treasury yields eased and the dollar steadied. Gold for June delivery was last seen down $11.30 to US$4,499.90 per ounce, the lowest since March 26.The price of the precious metal has been challenged by a higher dollar and rising bond yields as investors fret the high oil prices that have followed the war on Iran will force central banks to hike interest rates to stave off rising inflation."Gold trades lower on Fed hike anxiety as the dollar, and not least bond yields, continue to rise amid inflation concerns driven by the Middle East conflict and prolonged disruption to the supply of key commodities moving from the Persian Gulf through the almost closed Strait of Hormuz," Saxo Bank noted.The dollar was mostly steady early, with the ICE dollar index last seen up 0.02 points to 99.35. Treasury yields eased off 15-month highs, with the U.S. two-year note last seen down 0.8 basis points to 4.119% after rising to the highest since February 2025 a day earlier, while the 10-year note was paying 4.655%, down 1.6 points.

$GCM6$GLD

Commodities53d ago

Exchange-Traded Funds, Equity Futures Advance Pre-Bell Wednesday Ahead of Nvidia Earnings Report

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.4% and the actively traded Invesco QQQ Trust (QQQ) was 0.7% higher in Wednesday's premarket activity, ahead of the release of Nvidia's (NVDA) latest financial results.US stock futures were also higher, with S&P 500 Index futures up 0.3%, Dow Jones Industrial Average futures advancing 0.2%, and Nasdaq futures gaining 0.6% before the start of regular trading.Earlier Wednesday, the Mortgage Bankers Association reported that mortgage applications declined in the week ended May 15 due to a seven-week high in mortgage rates.The weekly petroleum stocks data will be released at 10:30 am ET.The minutes of the April 28-29 Federal Open Market Committee meeting will be released at 2 pm ET.In premarket activity, bitcoin was up by 0.8%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.8% higher, Ether ETF (EETH) advanced 0.8%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.Power Play:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated 0.03%, the Vanguard Health Care Index Fund (VHT) was up 0.3%, while the iShares US Healthcare ETF (IYH) gained 0.3%. The iShares Biotechnology ETF (IBB) was 0.3% higher.ImmunityBio's (IBRX) stock was up more than 8% premarket after the company said its supplemental biologics license application for Anktiva in combination with Bacillus Calmette-Guerin in patients with bladder cancer with papillary disease has been accepted for review by the US Food and Drug Administration.Winners and Losers:EnergyThe iShares US Energy ETF (IYE) was down 0.8%, while the State Street Energy Select Sector SPDR ETF (XLE) retreated by 0.5%.Dorian LPG (LPG) stock was up more than 5% before Wednesday's opening bell after the company reported higher fiscal Q4 adjusted earnings and revenue.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.2%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.6%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.7% lower.CorVel (CRVL) shares were up more than 1% pre-bell after the company reported higher fiscal Q4 earnings and revenue.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.5%, while the Vanguard Industrials Index Fund (VIS) was down 0.1%, and the iShares US Industrials ETF (IYJ) retreated 0.2%.Southwest Airlines (LUV) stock was up more than 1% before the opening bell after Business Standard reported that the company opened a Global Innovation Centre in Hyderabad through its wholly owned subsidiary, Southwest Airlines India, as the U.S. carrier expands its global technology, engineering, and business operations capabilities.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced by 0.9%, and the iShares US Technology ETF (IYW) was 1% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 0.6%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) increased by 1.8%, while the iShares Semiconductor ETF (SOXX) rose by 2%.Nvidia shares were up more than 1% in premarket activity ahead of the release of its quarterly financial results. The company will open its first research center in Singapore, focused on embodied AI and improving AI infrastructure efficiency, according to multiple media reports.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.2% and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was down 0.9%. The iShares US Consumer Staples ETF (IYK) retreated 0.01%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gained 0.5%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) rose by 0.5%.Tesla (TSLA) shares were up more than 1% pre-bell. Recruitment notices on the electric vehicle maker's website showed it is hiring people for driver-assistance roles in China.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 0.8% to $107.77 per barrel on the New York Mercantile Exchange. Natural gas was down 0.2% at $3.11 per 1 million British Thermal Units. The United States Oil Fund (USO) decreased by 2.2%, while the United States Natural Gas Fund (UNG) was 0.1% lower.Gold futures for May retreated by 0.3% to $4,498.10 an ounce on the Comex. Silver futures rose 1.2% to $76.08 an ounce. SPDR Gold Shares (GLD) was up by 0.4%, and the iShares Silver Trust (SLV) rose by 2.3%.

Dow JonesNasdaq CompositeS&P 500$BETH$BITO$CRVL$EEM$EETH$EXI$FAS$FAZ$GLD$IBB$IBRX$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$LPG$LUV$NVDA$PMR$QQQ$RTH$SLV$SOXX$SPY$TSLA$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD

Sectors53d ago

Sector Update: Consumer Stocks Mixed Premarket Wednesday

Consumer stocks were mixed premarket Wednesday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) declining by 0.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) up 0.3%.TJX (TJX) stock was up more than 3% after the company posted higher fiscal Q1 earnings and net sales, and raised its fiscal 2027 outlook.Lowe's (LOW) shares were down more than 1% even after the company reported higher fiscal Q1 adjusted earnings and net sales.Arcos Dorados Holdings (ARCO) stock was up more than 7% after the company reported higher Q1 earnings and revenue.

$ARCO$LOW$TJX$XLP$XLY

Mining & Metals53d ago

Correction: Sherritt Providing Further Update on Activities in Cuba; Announcing Non-Binding Term Sheet and "Positive" Engagement with Dept of State

(Correcting fourth paragraph to reflect that statement came out Wednesday)Sherritt International Corporation (S.TO) on Wednesday continued its almost daily practice of proving a further update on activities in Cuba.Today, Sherritt said it has entered into a non-binding term sheet with Gillon Capital, LLC with respect to a proposed private placement of a common share purchase warrant. A statement noted the warrant is exercisable for up to that number of common shares of the corporation such that, immediately upon exercise in full of the warrant, Gillon Capital would own 55% of the common shares then issued and outstanding. The warrant will be exercisable at a price to be agreed by the parties for a period ending nine months from the closing date, subject to satisfaction of certain conditions precedent, including compliance with the corporation's existing contractual arrangements and debt agreements.Given the current circumstances of the corporation, management expects that such exercise price will be at a discount to the closing price of the common shares on May 15, 2026, it added.Wednesday's statement noted the private placement remains subject to the execution of definitive documentation and the transaction is expected to be subject to the satisfaction of customary conditions and the receipt of all required regulatory approvals, including approval of the Toronto Stock Exchange. There can be no assurance that the private placement will be completed, completed on the terms described above, or completed in a timely manner.In connection with the private placement, Sherritt said it has engaged "constructively" with the United States Department of State, which has confirmed that the Department of State and Department of Treasury do not object to Gillon Capital's engagement in negotiations with the corporation and, based on the information provided to date, do not consider such negotiations to be contrary to U.S. law. Any subsequent transaction will be subject to approval of the Department of State and Department of Treasury, it added.

$S.TO

Oil & Energy53d ago

EMEA Oil Update: Oil Drops Over 3% Following Trump's Remarks

Oil futures dipped more than 3% on Wednesday after US President Donald Trump reportedly said that the war with Iran would end very quickly, temporarily easing geopolitical anxieties despite persistent disruptions to Middle Eastern supplies.Front-month Murban crude futures fell 3.1% to $104 per barrel, while Brent futures were down 3% to $107.91/bbl."The situation in Hormuz is still deadlocked and Trump last night made new threats to attack Iran. If the strait remains closed into June, there is a risk that the oil shortage becomes acute in parts of the world, which could send the oil price significantly higher than today," SEB analysts said.According to Saxo Bank, crude continues to trade with an aggressive risk premium driven by the ongoing realities of the conflict.Analysts noted that if the vital chokepoint remains restricted into June, the localized supply crunches currently hitting downstream markets are expected to transition into severe global oil shortages, potentially triggering a significant, secondary price spike.This structural anxiety was underscored by recent data from the Oxford Institute for Energy Studies, which confirmed a massive restructuring of risk-taking across derivatives markets.Due to the high volatility and unpredictable physical disruptions in the Middle East, commercial traders are noticeably retreating from standard Brent futures, fundamentally altering liquidity across global oil benchmarks, OIES noted.Data from the American Petroleum Institute revealed Tuesday that US crude oil inventories dropped by 9.1 million barrels in the week ended May 15.The oil market now awaits the US Energy Information Administration's petroleum inventory report, scheduled for release on Wednesday.

Mining & Metals53d ago

South Pacific Metals Highlights Ontenu NE Project Key Drill Results; Octavio Garcia appointed Exploration Manager

South Pacific Metals (SPMC.V) said on Wednesday that results from the maiden drill program at its Ontenu NE project in Papua New Guinea confirmed gold mineralization in five of the seven holes drilled.The company cited high-grade intercepts on the K92 corridor: at the Onki zone (peak 9.92 g/t gold re-assay, 2.35% copper) and Jorkol zone, assaying 3.16 g/t gold, 0.62% Cu, 96 g/t Ag with 602 parts per million bismuth). It said mineralization confirms it is drilling within a mineralised hydrothermal system and added ongoing drilling will target the productive, high-grade parts of the veins.Wednesday's statement noted seven holes for 2,266 metres have been completed to date within the wider Osena Project area on the Kainantu Transfer Zone, the same regional structural corridor that hosts K92 Mining's (KNT.TO) producing Kainantu gold-copper mine. Assays have been received for six holes; the seventh is pending. Holes 8 and 9 are currently being drilled.South Pacific also appointed Octavio Garcia as exploration manager, who will be responsible for geological and exploration supervision across the company's projects. He has 30 years of mineral exploration experience, including in Papua New Guinea, with prior roles at Mt Isa Mines, Barrick (ABX.TO) and Xstrata.South Pacific Metals shares closed up $0.02, to $0.495 on Tuesday on the TSX Venture Exchange.

$ABX.TO$KNT.TO$SPMC.V

Sectors53d ago

Sector Update: Tech Stocks Rise Premarket Wednesday

Technology stocks were rising premarket Wednesday, with the State Street Technology Select Sector SPDR Fund (XLK) 1%% higher and the State Street SPDR S&P Semiconductor ETF (XSD) up 1.4%.Amkor Technology (AMKR) shares were up more than 3% after the company said it has acquired an additional 67-acre parcel next to its Arizona semiconductor campus as it expands advanced packaging and testing operations in the US.Nvidia (NVDA) will open its first research center in Singapore focused on embodied AI and improving AI infrastructure efficiency, multiple media reports said. Nvidia stock was up more than 1% pre-bell.GDS (GDS) shares were up more than 2% after the company posted higher Q1 income and net revenue.

$AMKR$GDS$NVDA$XLK$XSD

Research53d ago

Research Alert: The Tjx Companies: Q1 Fy 27 Beats Estimates; Raises Full-year Guidance

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:TJX delivered Q1 FY 27 (Jan.) normalized EPS of $1.19 (+29% Y/Y), $0.17 above consensus on net sales of $14.3B (+9% Y/Y), $317M above estimates. The off-price retailer demonstrated broad-based strength with consolidated comparable sales growth accelerating to 6% from 3% in the prior year, exceeding management expectations across all divisions. Pretax profit margin expanded 170 bps Y/Y to 12.0% due to gross margin improvement to 31.3% (+180 bps) from higher merchandise margins and expense leverage. TJX raised FY 27 guidance with comparable sales growth outlook increased to 3%-4%, pretax margin to 11.9%-12.0%, and EPS expectations to $5.08-$5.15. The company increased share buyback range to $2.75B-$3.0B, demonstrating continued capital return commitment. We are impressed with continued momentum across brands and improved profitability, though less impressed with raised guidance already reflected in consensus estimates. Shares trade at 31x FY 27 consensus, well above the three-year average forward P/E of 26.6x.

$TJX

Sectors53d ago

Sector Update: Energy

Energy stocks were leaning lower premarket Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) declining by 0.6%.The United States Oil Fund (USO) was down 2.5% and the United States Natural Gas Fund (UNG) was 1.6% lower.Front-month US West Texas Intermediate crude oil was 0.8% lower at $107.77 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 2.9% to $108.10 per barrel, and natural gas futures were down 1% at $3.08 per 1 million British Thermal Units.Golar LNG (GLNG) stock was up more than 3% after the company posted higher Q1 net income and operating revenue.

$GLNG

Asia Markets53d ago

Tadawul Shares Close Wednesday Flat Amid Lower Oil Prices

Saudi Exchange-traded shares closed Wednesday 0.03% in green after oil prices declined following US President Donald Trump's comments that the Iran war will end "very quickly."Brent Crude oil futures fell 2.10% to $108.941 per barrel as investors grew optimistic that the US and Iran could very soon reach an agreement, despite contradicting statements from both sides. To that end, while responding to Trump's remarks of coming within an hour of resuming a military campaign, Iran threatened to extend the war beyond the Middle East in case the US struck again, Reuters reported.In macro news, the kingdom's operating revenue index rose 10.2% year over year in March, according to a report by the General Authority for Statistics. On a monthly basis, operating revenue was up 8.1%.The statistics agency said that the change was attributed to an "increase in manufacturing activities by 4.0% mining and quarrying activities, which increased by 25.5% and increases in wholesale and retail trade and repair of motor vehicles activities by 4.6% and increases of 4.8% and 17.6% in construction activities and financial and insurance activities, respectively."Meanwhile, Saudi Arabia's employee compensation indices in March climbed 10% and 0.4% on an annual and monthly basis, respectively. However, issued building permits declined 0.7% to 5,162 in the reporting month from a year ago, the short-term business indicators statistics report showed.In corporate news, Saudi artificial intelligence company Humain reportedly engaged Goldman Sachs to advise on a financing package for the construction of data centers in Riyadh, which could potentially be worth 20 billion Saudi riyals. The Public Investment Fund unit is also looking to finance graphics processing unit chips for 2 gigawatts of capacity, which represents a third of its 2034 target, Reuters reported, citing sources.On the earnings front, Etihad GO Telecom Co. (SASE:7040) logged a 17.73% year-over-year jump in net profit, while revenue grew 31.19% for the fiscal year ended March 31. Shares of the Saudi Arabia-listed telecommunications group closed 0.37% higher.

^TASISASE:7040

Mining & Metals53d ago

BlackBerry Says Achieves FedRAMP Class D (High) Re-Certification as Government Demand for Mission-Critical Communications Grows

$BB.TO

Sectors53d ago

Sector Update: Financial

$HSBC

Mining & Metals53d ago

Power Corporation, Great West and IGM Financial Announcing Joint Investment in Sagard AI Fund

$GWO.TO$IGM.TO$POW.TO

Commodities53d ago

Update: EU Stays Committed to Energy Sanctions on Russia

(Updates to include background on EU sanctions on Russia from paragraph 10 to 15.)The EU on Wednesday said it remains committed to its sanctions on energy imports from Russia despite the ongoing energy supply crisis fueled by the ongoing conflict in the Middle East."We remain committed to our sanctions on imports of Russian oil and gas, and we need to reiterate the call for Russians not to be benefitting from the ongoing conflict in the Middle East," European Commission Chief Spokesperson Paula Pinho told reporters at a news briefing. "It's too ironic."Pinho was responding to a question on whether countries like the US and UK were undermining the EU strategy to pressurize Russia over its war with Ukraine through sanctions.Reuters reported on Wednesday that Russian oil and gas revenue in May increased 39% year over year due to the Middle East conflict."We'll see what the future brings. We have not hesitated in standing by a number of sanctions against the US. As recently as two weeks ago, we had an agreement on the 20th package of sanctions. What will come next remains to be seen," she added.On Tuesday, the UK introduced a new general trade license covering sanctioned processed oil products under Russia-related trade restrictions.The license, effective from Wednesday, applies to diesel and jet fuel products refined in third countries using Russian-origin crude oil and will remain valid indefinitely unless authorities later amend, suspend, or revoke the authorization.The UK also published a separate temporary license covering maritime transportation and related services linked to liquefied natural gas activities under the Russia sanctions rules.Earlier this week, US Treasury Secretary Scott Bessent said that the Trump administration is issuing a temporary 30-day general license to provide the most vulnerable nations with the ability to temporarily access Russian oil currently stranded at sea."This extension will provide additional flexibility, and we will work with these nations to provide specific licenses as needed. This general license will help stabilize the physical crude market and ensure oil reaches the most energy-vulnerable countries. It will also help reroute existing supply to countries most in need by reducing China's ability to stockpile discounted oil," Bessent said in a social media post on X.In April, the EU unveiled its 20th package of sanctions against Russia which included sanctions on 46 more vessels in Russia's shadow fleet, bringing the total number of designated vessels to almost 632.The EU also introduced new safeguards on tanker sales to prevent EU-built or sold vessels from entering Russia's shadow fleet, including mandatory contractual clauses barring Russian use. The bloc also banned maintenance services for Russian LNG tankers and icebreakers and moved to allow EU companies to exit long-term contracts at LNG terminals.The EU's latest sanctions package also targeted Russia's Murmansk and Tuapse ports, while also blacklisting a third-country facility, Indonesia's Karimun Oil Terminal, for links to sanctions circumvention.The package also laid the groundwork for a future ban on maritime services transporting Russian oil, pending coordination with the Group of Seven.The new measures were in addition to the EU prohibition on the import of seaborne crude oil and refined petroleum products from Russia, a ban on Russian liquefied petroleum gas imports after a 12-month grace period for existing deals, while long-term Russian liquefied natural gas imports are banned from Jan. 1, 2027.In 2021, the EU's Russian oil imports totaled 71 billion euros ($82.35 billion), with crude oil accounting for 48 billion euros and 23 billion euros coming from refined oil products.

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Commodities53d ago