UK inflation hits 40-year record, highest in G7
Soaring food prices pushed British consumer price inflation to a 40-year high of 9.1% last month, the highest rate out of the Group of Seven countries and underlining the severity Continue Reading
IEA chief warns Europe to prepare for total shutdown of Russian gas exports
The International Energy Agency has warned that Europe must prepare immediately for the complete severance of Russian gas exports this winter, urging governments to take measures to cut demand and Continue Reading
Ukraine’s Strikes in Black Sea Point to New Firepower
As Ukrainian forces launch a renewed assault on Snake Island in the Black Sea, recent strikes suggest that they are using powerful Western anti-ship weapons in an effort to undermine Continue Reading
Europe Faces “Red Alert” For Gas Supply As Russia Reduces Flows
Russia’s Gazprom significantly reduced gas flows to European consumers this week. WoodMac: unless Europe takes additional supply and demand measures, its storage refill this year is at risk. Benchmark European Continue Reading
Oil prices climb on supply and demand fundamentals
Oil prices rose on Tuesday on high summer fuel demand while supplies remain tight because of sanctions on Russian oil after its invasion of Ukraine. Brent crude rose $1.61, or Continue Reading
Oil prices rise as tightening supply offsets global economic concerns
Oil prices rose on Monday in volatile trade, reversing earlier losses, as tightening supplies outweighed concerns about slowing global economic growth and fuel demand. Brent crude futures rose 42 cents, Continue Reading
Can The Global Gasoline And Diesel Crisis Be Solved?
Rystad Energy’s… Diesel and gasoline markets are witnessing crack spreads in the $50-$60 per barrel range due to inventory stocks across the world being at record lows. The global oil Continue Reading
Here’s Why Global Oil Demand Slumped This Spring
World oil demand dropped in April to 97 percent of the 2019 level as demand in Asia weakened, according to data from the Joint Organisations Data Initiative (JODI) cited by Continue Reading
Diesel Price Shock Imminent As Reserves Drop, Refining Lags
Global diesel and gasoline markets are witnessing blowout crack spreads in the $50-60 per barrel (bbl) range, reflecting a clear lag in the refining system to respond effectively and decide Continue Reading
Old is gold: sky-high cost of ageing ships sounds inflation SOS
Shipping companies are transforming rust buckets into gold mines in modern-day alchemy that could fuel already rampant inflation for years to come. The disruption to world trade caused by pandemic Continue Reading