Europe

Three industry sources said that the Russian Federal Anti-Monopoly Service has proposed an export ban on gasoline to combat high fuel prices. At the moment, only a small percentage of gasoline exported by re-sellers is restricted, whereas oil companies have a license to sell fuel abroad. The restrictions will last until August 31. FAS refused to comment. The government decides on any possible export ban, but the regulator can make its own proposals. The proposal to tighten restrictions was made as the domestic wholesale gasoline price in Russia on a commodity market jumped up to a 2-year high this month,...

These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. Blue Origin founder Jeff Bezos has spoken to U.S. president Donald Trump at least two times this month, as he attempts to take advantage of a rivalry between SpaceX founder Elon Mush and Trump to bag more government contracts. Shell denied that it had approached BP and was involved in negotiations for the largest oil deal of a generation. Conagra Brands is removing certified colors for food, drugs and cosmetics from its U.S. frozen products portfolio by...

Constellation Energy executives said that the former Three Mile Island nuclear plant in Pennsylvania could restart in 2027. This is about one year earlier than originally planned. The plant was put on a rapid track to connect with the regional grid. Constellation signed a contract in September last year to power Microsoft's data centers. This will pave the way for the reopening of Three Mile Island. Three Mile Island is widely known as the location of a partial nuclear meltdown that occurred there in 1979, which froze the industry. Constellation’s 20-year agreement to purchase power from Microsoft is indicative of...

The oil prices rose on Wednesday as investors assessed whether the ceasefire agreement between Iran and Israel would hold. Brent crude futures increased 75 cents or 1.1% to $67.89 per barrel. U.S. West Texas Intermediate crude (WTI), which is a blend of U.S. West Texas Intermediate and West Texas Intermediate, gained 71c, or 1.1% to $65.08. Brent settled at its lowest level since June 10, and WTI, since June 5. Both were before Israel launched an attack on Iranian nuclear and military facilities on June 13, After the U.S. attack on Iran's nuclear facility over the weekend, prices had risen...

In a Wednesday progress report, Britain's climate advisors stated that the country must lower its electricity prices in order to accelerate the adoption of technology to reduce emissions, such as heat pumps and electric vehicles. Britain is aiming to achieve net zero emissions in 2050. This will require electrification for sectors like heat and transport that are currently dominated by fossil fuels. It also faces high electricity prices. Piers Forster said in an annual report briefing that the "most important recommendation" we have for government is to lower the cost of electric for both households and businesses. He said that...

Travel stocks led the UK's midcaps on Tuesday as investors were encouraged by signs of eased tensions in Middle East, and a positive forecast from Carnival Cruise Lines. The domestically oriented FTSE 250 rose 1%, reaching a record high of more than a week. Carnival's UK listed shares rose 11.8%, outpacing gains in the midcap index. raised Its annual profit forecast was higher than expected and it beat the second-quarter earnings estimate. The FTSE 350 Travel & Leisure index rose 3.6% after U.S. president Donald Trump announced Israel and Iran reached a 12-day-old ceasefire. Both sides accuse each other Violations...

China is the largest buyer of Iranian oil, accounting for approximately 13.6% of the purchases made by the world’s biggest crude importer this year. This leaves Beijing exposed to any disruption in supply caused by conflict in the Middle East. Beijing, the world's largest oil importer and buyer from Venezuela, has been able to reduce its import bill by billions of dollars in recent years. How much Iranian oil does China buy? China purchases 90% of the Iranian oil shipped, but this is limited due to U.S. Sanctions aimed at cutting funding for Tehran's Nuclear Programme. According to Kpler, China...

The wholesale gas prices for the Dutch and British front months fell by more than 10% Tuesday morning, following the news that Iran had agreed to a ceasefire with Israel. This removed the risk premium that the market had built in due to potential disruptions of oil and gas supplies. LSEG data shows that the benchmark Dutch front-month contract for the TTF hub dropped by 4.61 Euros to 36.63 Euros per megawatt hour (12.41/mmBtu) or 12.41 euros/MWh by 0818 GMT. The contract has fallen to its lowest price since June 12, the morning of the first Israeli strike on Iran....

The Ukrainian military reported that Ukrainian forces attacked and destroyed an oil depot located in the southern Rostov region of Russia, which was used to supply Russian troops in parts of Ukraine occupied by Russia. The General Staff of Ukraine’s Armed Forces announced that the military’s special operations units in conjunction with rocket and artillery forces had struck the Atlas plant in Rostov Region, not far away from Ukraine’s eastern border. In a Telegram statement, the General Staff confirmed that "our forces have struck in the area where the target is located." "A fire was observed." "The results of the...

Three industry sources have confirmed that Rosneft, Russia's largest oil company, will stop producing its export-oriented Sokol crude at the Sakhalin-1 project on its far eastern Sakhalin coast in August due to maintenance. One of them said that the maintenance would last 20 to 25 days. According to another source, the maintenance will begin in late July. It is expected to be completed at the end of August. One source said that maintenance on one of the compressors will cause the oil production to drop slightly in July to 135,000 barrels a day, from the usual 150,000-160,000 barrels a day,...

Goldman Sachs data shows that hedge fund leverage reached a five-year peak last week. Speculators bought banks, trading firms and insurance companies, just after U.S. rates remained unchanged and before the U.S. attack on Iran's nucleus sites. On Wednesday last week, the U.S. Federal Reserve kept interest rates unchanged and said they are not in a hurry to reduce interest rates. On Saturday, the U.S. launched an attack on Iranian nuclear sites, sending oil prices to a record high on Monday. Further price increases are expected on concerns that a retaliatory Iranian action could include a closing of the Strait...

The UK's industrial strategy, published on Monday, outlines a key reform that will reduce the electricity bills for thousands of businesses by 2027. Below are the main components of its plan. ADVANCED MACHINING Up to 3.76 billion pounds (2.8 billion pounds) will be invested in R&D programs over the next 5 years to stimulate innovation, automation and digitisation. CLEAN ENERGY INDUSTRIES By 2035, Britain aims to double the current levels of investment in clean energy industries. CREATIVE INDUSTRIES Create a 150-million-pound fund for growth and provide financial support to screen, music and video games. LIFE SCIENCES Making Britain the third...

The price of gold fell on Friday as the market weighed down by the slight increase in the dollar, the Israel-Iran ceasefire, and the recent truce between the two countries. Markets are now awaiting the U.S. inflation figures to get a better idea about the Federal Reserve’s interest rate policy. As of 0234 GMT, spot gold was down 0.4%, at $3,313.23 an ounce. Bullion fell 1.7% in the last week. U.S. Gold Futures dropped 0.7% to $3325.70. Dollar-priced gold is now more expensive to overseas buyers because the dollar has risen by 0.2%. The Israel-Iran Peace Deal is responsible for...

Siemens Gamesa, a wind turbine manufacturer, is in discussions with Chinese suppliers about bringing production in Europe. This would reduce the region's dependence on imports following China's restrictions on supply. The delays in the issuance of Chinese export permits for rare earths have forced European automakers and their suppliers into a scramble to find alternatives on a market dominated by China, the world's second largest economy. The production of rare earths across Europe could be affected by the No. 2 economy in the world. Wind sector is also dependent on rare earths produced in China. Most notably, neodymium which is...

The High Court of London ruled that BHP will be held in contempt for its funding of litigation to try and prevent certain Brazilian municipalities from suing BHP over one of Brazil’s worst environmental disasters. The ruling on Thursday is the latest in a long-running lawsuit over the failure of the Mariana Dam in Southeastern Brazil, which was owned and operated jointly by BHP's Samarco joint enterprise and Vale. Judge Adam Constable stated that it is arguable BHP, world's largest miner in terms of market value, has funded Brazilian litigation for the municipalities to stop them suing London "with the...

Gold prices rose on Thursday due to a weaker US dollar and growing unrest after news reports claimed that Donald Trump, the U.S. president, had considered replacing Federal Reserve chair Jerome Powell in September or October. The reports raised concern over the future independence and stability of the U.S. Central Bank, which boosted demand for bullion as a safe haven. As of 0242 GMT, spot gold was up by 0.2%, at $3,339.20 an ounce. U.S. Gold Futures increased 0.3% to $3353.10. Gold priced in greenbacks is now less expensive for buyers overseas. Powell said to a U.S. Senate committee on...

According to a filing with the Brazilian Securities Commission, Vale announced on Wednesday that Mark Cutifani would step down as Chairman of its copper-nickel spinoff Vale Base Metals in order to "pursue professional projects." The company announced that Vale CEO Gustavo Pimenta would replace him in July. This will "ensure strong leadership and alignment with Vale’s broader strategic goals" within the business. Vale, the iron ore giant, spun off its base metals division as a separate company with headquarters in Toronto by 2023. The goal is to eventually list it. Cutifani, who was chief executive of London-listed Anglo American for...

The gold price eased on Tuesday as the demand for safe-haven assets decreased due to a ceasefire agreement between Iran and Israel. Market participants were cautious in advance of important U.S. data. Gold spot was down 0.3% to $3,314.45 an ounce as of 0934 am EDT (1334 GMT), after the previous session saw prices at their lowest level in more than two weeks. U.S. Gold Futures dropped 0.2% to $3328.10. Daniel Pavilonis is a senior market strategist with RJO Futures. He said that despite the potential and momentum in the markets, gold has never reached new highs. "So, now I...

London Metal Exchange (LME) has tightened the regulatory screws against holders of long positions at a time when both copper and aluminium contracts are in turmoil. The unique date structure of the LME exchange has been under severe stress as traders have increased their bets despite the inventory in LME's warehouses being depleted. It's not a coincidence that these two contracts have been the most affected. Tariffs and sanctions have caused massive distortions in the physical markets for copper and aluminum. The LME, having just recovered from the 2022 nickel crisis, is keen to avoid another one. Since it cannot...

The copper price rose on Wednesday, supported by the tentative ceasefire agreement between Iran and Israel that improved market sentiment and the stronger yuan in China, a major metals consumer. The price of three-month copper at the London Metal Exchange rose 0.3% to $9,696.50 per metric tonne by 1034 GMT. On Wednesday, the ceasefire brokered on behalf of U.S. president Donald Trump seemed to hold. This was a day after each country had signaled that their air conflict had ended. The yuan of China has been steadily rising against the dollar. It is now nearing its highest level in over...

The gold price stabilized on Wednesday, after it had fallen in the previous session. This was due to an improved risk appetite after a truce reached between Israel and Iran. Meanwhile, attention turned towards upcoming U.S. Economic Data. Gold spot was unchanged at $3,326.89 an ounce as of 0823 GMT. Prices had fallen to their lowest levels in more than two weeks on Tuesday. U.S. Gold Futures rose 0.2% to $3341.40. Gold's earlier gains were wiped out yesterday due to the de-escalation in tensions in the Middle East and a reduced need for safe haven assets. Investors will likely continue...

The London Metal Exchange (LME) and Shanghai Futures Exchange (SFE) saw copper prices rise on Wednesday. This was due to a weaker dollar and an apparent ceasefire between Iran & Israel. As of 0701 GMT the LME's three-month contract for copper increased by 0.6%, to $9,728.5 a metric ton. The SHFE's most-traded contract for copper also rose by 0.47%, to 78,810 Yuan ($10990.56). Israel has said it will take strong action against Iranian missiles that were launched after U.S. president Donald Trump declared an end to hostilities. The U.S. Federal Reserve chair Jerome Powell has said nothing about the interest...

Tesla's European new car sales fell by 27.9% from a year ago in May, even though sales of fully-electric vehicles in the region jumped by 27.2%. The revised Model Y has yet to show any signs of reviving Tesla's fortunes. The European Automobile Manufacturers Association's (ACEA) data showed that overall car sales in Europe increased by 1.9%. Plug-in hybrids grew the most, followed by cars using alternative fuels. Why it's important Tesla's European Sales have fallen for the fifth consecutive month as customers opt for cheaper Chinese EVs, and in some cases protest against Elon Musk. Tesla's European Market Share...

Tesla's European new car sales fell by 27.9% from a year ago in May, even though sales of fully-electric vehicles in the region grew by 27.2%. The revised Model Y has yet to show any signs of reviving Tesla's fortunes. The European Automobile Manufacturers Association's (ACEA) data showed that overall car sales in Europe increased by 1.9%. Plug-in hybrids and alternative fuel cars saw the biggest growth. Why it's important Tesla's European Sales have fallen for the fifth consecutive month as customers opt for cheaper Chinese EVs, and in some cases protest against Elon Musk. Tesla's European Market Share dropped...