LONDON—The euro wilted on Thursday as the European Central Bank geared up for its first rate rise in over a decade and as political tumult in Italy offset relief following the restart of Russian gas flows through the region’s largest pipeline. Traders will have more than just the landmark rate move to juggle later, with…
Euro Knocked by Italy Crisis Ahead of Landmark ECB Hike
July 21, 2022
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Stocks, Euro Steady Ahead of ECB, Crude Tumbles
July 21, 2022
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LONDON—Stock markets and the euro held their ground on Thursday with investor nerves steadied by the resumption of Russian gas supplies to Europe as they waited for what is expected to be the European Central Bank’s first interest rate hike in 11 years. The flow of Russian gas resumed to Germany after a 10-day outage,…
Biden Says ‘Climate Change is an Emergency,’ Stops Short of Formal Declaration
July 20, 2022
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President Joe Biden on July 20 stated “climate change is an emergency,” leaving open the possibility of additional executive actions aimed at mitigating it after Sen. Joe Manchin (D-W.Va.) shot down climate and energy programs advocated by Democrats. “Climate change is an emergency and in the coming weeks, I’m going to use the power I have…
Closing Prices for Crude Oil, Gold and Other Commodities (July 20)
Benchmark U.S. crude oil for August delivery fell $1.96 to $102.26 a barrel Wednesday. Brent crude for September delivery fell 43 cents to $106.92 a barrel. Wholesale gasoline for August delivery fell 3 cents to $3.28 a gallon. August heating oil fell 2 cents to $3.60 a gallon. August natural gas rose 74 cents to…
EU Asks Countries to Significantly Cut Natural Gas Consumption Until Next Year
The European Union asked its member states to cut consumption of natural gas by 15 percent at a minimum until spring 2023. According to the proposed regulation (pdf), released Wednesday, it would set an initial 15 percent reduction in natural gas usage between Aug. 1, 2022, and March 31, 2023. At the same time, top…
Russia Is China’s Top Oil Supplier for 2nd Month, Saudi Volumes Tumble: Data
July 20, 2022
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SINGAPORE—Russia held its spot as China’s top oil supplier for a second month in June as Chinese buyers cashed in on lower-priced supplies, slashing more costly shipments from Saudi Arabia, data showed on Wednesday. Imports of Russian oil, including supplies pumped via the East Siberia Pacific Ocean pipeline and seaborne shipments from Russia’s European and…
Gas Prices Could Soar Again As ‘Oil’s Second Act’ Is Coming, Expert Predicts
Even though gasoline prices have slid below $4.50 per gallon on average nationwide in what’s been a multi-week downward trend, an industry expert warns that the reprieve is likely temporary and drivers should brace for pump pain as oil readies to rally in a “second act.” The national average gasoline price on July 20 fell…
Oil Prices Slip Ahead of US Inventory Data
Oil prices fell more than $1 a barrel on Wednesday, under pressure from global central bank efforts to limit inflation and ahead of expected builds in U.S. crude inventories as fuel demand weakens. Brent crude prices for September fell $1.06, or 0.9 percent, to $106.29 a barrel by 0946 GMT, while U.S. West Texas Intermediate…
World Shares Hit 3-week High on Easing Recession Fears
July 20, 2022
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LONDON/BEIJING—World shares hit a three-week high on Wednesday as strong U.S. corporate earnings and the expected resumption of Russian gas supply to Europe allayed fears of a recession, though the dollar hovered near two-week lows on lower U.S. rate hike expectations. Markets still expect a large 75-basis-point interest rate rise from the U.S. Federal Reserve…
France to Pay $10 Billion to Take Full Control of EDF
PARIS—France’s government is offering to pay 9.7 billion euros ($9.85 billion) to take full control of EDF, in a buyout deal that gives it a free hand to run Europe’s biggest nuclear power operator as it grapples with a continent-wide energy crisis. The finance ministry said in a statement on Tuesday that the government would…
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