The energy sector is poised for a mixed to higher start, supported by...
The energy sector is poised for a mixed to higher start, supported by a rally in the crude complex while weakness in the major equity futures dampened sentiment.
WTI crude oil futures rallied a further 3.8% this morning, significantly outpacing Brent which is seeing more reserved gains. Futures on both sides of the Atlantic extended their trend higher for the fourth-straight session 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.
Oil advances after EU deal reached on Russian oil ban
Brent and West Texas Intermediate crude futures inched...
Brent and West Texas Intermediate crude futures inched higher early on Tuesday to trade at $123.86 per barrel and $119.12 per barrel, respectively, after European Union leaders agreed on a partial ban on Russian oil imports. Meanwhile, US gasoline prices set a new record over Memorial Day weekend, trading at $4.62 per gallon on Monday, according to AAA.
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The embargo intends to cut off financing for Russia following the invasion of Ukraine. EU officials have been trying to agree on a plan to curtail the country's energy imports for months, but reliance on Russian gas and oil in many EU countries had previously limited any progress.
But the EU reached a last-minute compromise, exempting all pipeline imports, which leaders hope will cushion the economic impact for several member states, including Hungary, Slovakia, and the Czech Republic. European Commission President Ursula von der Leyen said that by the end of the year, the embargo will cover 90% of Russian oil imports.
Crude oil prices were trading around their highest levels in two months on Monday as the crunch talks took place. Once an agreement was announced, prices soared even higher.
UK Imposes 25% Energy Windfall Tax as Energy Bills Surge
Britain announced a 25% windfall tax on oil and gas producers’ profits on May 26,...
Britain announced a 25% windfall tax on oil and gas producers’ profits on May 26, alongside a 15 billion pound (US$18.9 billion) package of support for households struggling to meet soaring energy bills.
The move, which will give each U.K. household a 400-pound discount on their energy bill and more for lowest-income households, marks a change of heart for Prime Minister Boris Johnson's government, which had previously resisted windfall taxes, calling them a deterrent to investment.
It is the second emergency policy intervention to help with rising bills this year.
