On Wednesday, the European Union’s executive presented plans to raise more than 140 billion euros (£121bn) in order to address an energy crisis. This has raised the possibility of winter
EU backs off Russian gas price cap after Putin threat
Ministers from the EU agree to raid energy giants in an effort to ease household financial losses.
Europe is facing a potential “Lehman Brothers” event with energy margin calls of $1.5 trillion
European energy companies face margin calls totalling $1.5 trillion in the derivatives market. Many would need to support policy to cover them amid wild swings, and skyrocketing power and gas
Oil supported by supply threats yet still set for a second weekly drop
Friday’s oil price rise was supported by supply cuts and real threats. However, crude saw the second week of declines as China’s COVID-19 curbs and aggressive interest rate increases weighed
China Is Aggressively Buying Up Cheap Russian LNG at a 50% discount
Bloomberg reported that Russia is still selling liquefied natural gases from Sakhalin-2 in the Far East to China at half the price and still making profits, citing unnamed traders.
Russia is now in humiliation, unable to fix its tanks.
Putin’s attempt to take over industry brings the country back to its Soviet-era command economy.
Russia to take Sakhalin-1 project under its control
Russian lawmaker on Thursday said that Moscow would take control of Sakhalin-1, an oil and gas project.
Shell evaluates Russian decree to seize Sakhalin-2 LNG plant
Putin signed a decree to seize Shell’s Russian gas project rights. This could make it more difficult for the British energy giant Shell to invest in Russia.