The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
Thu, April 28, 2022, 11:53 AM·2 min read
In this article:
CL=F
+2.25%
B -- Crude oil prices shot higher on Thursday as the German government reportedly dropped its opposition to an embargo on Russian oil, paving the way for a complete EU boycott of liquid fuels out of Russia.
By 10:45 AM ET (1445 GMT), U.S. crude futures were up 1.4% at $103.48 a barrel, while Brent crude was up 1.3% at $106.30 a barrel. Both blends jumped around $1.50 in immediate response to the German news, having traded broadly flat throughout the day before then.
U.S. gasoline futures were up 1.7% at $3.4712 a gallon, still well-supported by figures from the government on Wednesday showing crude and fuel stockpiles well below their average seasonal levels.
The German news, reported by The Wall Street Journal, comes a day after the German and Polish governments struck on an agreement on supplying refineries in eastern Germany at least partly with oil imported at Poland's terminal at Gdansk on the Baltic. The oil can then be fed via a branch pipeline into the Druzhba pipeline that serves as the principal artery for Russian oil to central Europe.
Germany had depended on Russia for about one-third of its oil when the Kremlin ordered the invasion of Ukraine in late February. German Economy Minister Robert Habeck said in a video statement that that would drop to just over 10% as a result of the Polish deal.
For global markets, its importance is two-fold: Germany had been the biggest obstacle to the EU joining the U.S. and U.K. boycott on liquid fuels. That means that Europe has to replace over 2 million barrels of oil and products a day from elsewhere. That will push global prices higher because Russia is not able to redirect all of the production that it will no longer be able to sell in Europe. With its storage tanks full and pipelines backed up, the country will have to cut production.
The problem is particularly acute with regard to diesel, where Russia had a dominant position on the European market before the war. Russian data show that exports of diesel just from the port of Primorsk are set to fall by over 30% in May.
The race for non-Russian substitutes is now likely to drive the spread between U.S. diesel and gasoline prices up to over $1/gallon in the next few days, according to GasBuddy analyst Patrick de Haan.
oil sanctions coming next week , Putin ‘blackmail’ threat to suspend energy supplies to Europe fasten up the process
Germany was opposing but now agreed for oil sanction on Russia with the rest of europe , Hungary will go with the rest
Oil price can jump over 120$ coming days , hedged or not it will have negative effect on the markets ...
The next package of EU sanctions against Russia in response to its invasion of Ukraine was expected to be presented to member states earlier this week
Kadri Simson, the EU’s Energy Commissioner, told reporters in Warsaw on Tuesday (26 April) that the sixth package of sanctions is expected “very soon”, though the exact date is yet to be confirmed.
According to several EU diplomats involved in preparatory talks, there has been no movement and envoys were cautious to predict an exact timing, with the more optimistic ones saying the proposal would be tabled “next week at the earliest
Around half of Russia’s 4.7 million barrels per day of crude exports go to the EU. Europe gets roughly a third of its gross available energy from oil and petroleum products, in sectors from transportation to chemicals production.
Europe has paid Russia €14 billion for oil since the start of what Moscow calls a special military operation in Ukraine two months ago, according to research organisation the Centre for Research on Energy and Clean Air. Cutting them off would deprive Moscow of a major revenue stream.
Germany, Poland and the Netherlands are Europe’s biggest buyers of Russian oil.
The most straightforward measure to sanction Moscow would be a ban on oil imports, along the lines of the embargo imposed by the EU on Russian coal last month.
Instead of a full-blown embargo, the sanctions package might opt for ‘smart sanctions’, which could include a gradual phasing-out of Russian oil or imposing tariffs on exports beyond a certain price cap.
Sanctions could also be applied differently depending on how the oil is delivered, differentiating between oil imported via pipelines or tankers, EU diplomats say.
Estonian Prime Minister Kaja Kallas has called for an escrow account to be set up where some of the EU payments to Moscow for energy imports would be temporarily held. This means Russia could only access that money at a later stage or for set expenditures, such as for medical equipment or even payments to help rebuild damaged cities in Ukraine.
EU diplomats say it is unlikely that member states will opt for escrow since it would constitute a breach of oil contracts and risk Russia applying unilateral retaliatory measures such as cutting energy supplies to the bloc.
Beyond the oil embargo, the EU’s six sanctions package is also expected to target Russia’s banking sector, including the country’s largest bank, Sberbank, European Commission President Ursula von der Leyen had suggested.
The EU has so far spared Sberbank from previous sanctions rounds because it, along with Gazprombank, is one o
If academics end up in IAG board means economy not doing well ahaha
Don’t forget guys , block deramper small-blue/Fordm/wobbles all same dude
Suspecting oracle1950 too, this guys is sick 24/7 here with multiple accounts .Luck real shareholders
We will see soon , you were all shouting here after launch share price will be 30p 25p 50p now we are at 6p!’nnn
Board meeting coming let’s wait Anna will say what ? Nothing still 6 p!!’
Launch means nothing everyone will wait for revenue, turnover and impossible CBX to make profit for the next 36 months !!!!
If RI comes on summer you will loose another year with your money
Go ahead you smart ones ! , cbg will be in rocket fuel as well and CBX will be promoted by royal family . Monaco shop to opened soon and golden foil packages coming
Admeliroa , am01 aka amran play your mind games on other boards bro!
Also people like you said Tesla gonna be bankrupt to compete with Ford and all other big guys !!!!!
Their valuation now higher than the sum of the Toyota bmw and Ford !!!!
Come on Jacksdad , you guys shouting Cbg is a new industry
Tell me who is the Ford of cannobiniods(I can not even type) , cbg products ?
Consumers don’t even now what cbg is, such a new market
Tell me oldest cbg company is how old ????
Hell yes If they are smart they can be the Ford of this industry
Dodge Gjn thanks !
Marketing wise I am not worried at all , these guys are the best even you can understand from IPO
Db , Peter wall ipo was a huge success because of the marketing campaign they got
My concern is trying to compete in premium market , they should focus mid level market also main business and turnover is there
I don’t mind Cbx to sell in boots or Asda if we can generate massive turnover and take a chunk of the market
Ford vs aston Martin example
Gjh my respond was to Admel since he replied to me
I have read your post thanks for reposting but it is simple questing which is directly linked to Cbx sp coming days
We should have some idea since we know everything about CBG industry , where and how other companies selling and their sales channel
Not to ask and discus the major question and talking other subject doesn’t make any sense
We are all smart guys over here , we should have some idea . This question is for us not to cbx
Better to discuss this and maybe we can help them with our suggestions or can give some insight since we are the main consumers
Everyone saying feb launch , feb launch ….
Launch= sales channels
Admel ; bro , pal, friend , shareholder , partner , master , above all please answer simple question I have asked and cut the long story short
Which shelf , what store CBX will place their products “?
You guys don’t like boots , Holland or some other major retailer which have the most traffic ,
Through Cbx website almost impossible to have enough turnover to cover salaries
No one knows cellular even what cannabinoid means , do you know what does it mean ‘learning cost’ ?
If you don’t have any idea please don’t chat with me and try to market ‘next big thing since electricity’ Cbx.
Ok I don’t have any more questions let’s wait and see good luck to all of us !
How we are going to reach high earners , what sales channels do you think Cbx will use ?
Thanks GJH
*********
Any other member would like to share opinion ?
“Which shelf , what store CBX will place their products “
Thanks !
Agree GJH , thank you
What kind of consumer CBX serve ?
Agree Gjh , thanks
Mxiart- keep your posts coming though , all publicity is good even the bad , you have a point to press and should be allowed to voice it , how do you think CBX should launch and what path would you follow ?
Thanks Dodge !
Thanks Dodge!
Please tell me which shelf , what store CBX will place their products
Simple question