ENERGY

Crude prices continue to tread water above $70 (WTI) this morning (holding Monday's gains on potential sanctions on Russian oil), drifting modestly lower aftr API reported a large crude build overnight ahead of new supply coming this month as OPEC+ begins to unwind 2.2-million barrels per day of production cuts.

However the new supply is being offset with tightened U.S. sanctions on Iran and Venezuela, while Trump this week threatened to impose secondary tariffs on U.S. imports (more…)

In Europe, the lure of a return to cheap energy is ever-present, and that conversation is becoming easier as the Trump administration in Washington pushes hard for ceasefire negotiations with Moscow.

Senior German politicians are already calling for a resumption of ties with Russia. For example Michael Kretschmer, a senior member of Friedrich Merz’s centre-right Christian Democrats, is now arguing that EU sanctions on Russia are "completely out of date" as they (more…)

Authored by Julianne Geiger via OilPrice.com,

The EU’s ban on re-exporting Russian LNG is now officially in effect. It essentially halts ship-to-ship transfers at EU ports meant for third-country buyers and the optics are attractive–it's another cut into Moscow’s energy revenue stream. Whether that translates into pain for Russia is another story.

The re-export ban, passed back in June 2024, only targets Russian LNG cargoes passing through EU ports en route to (more…)