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EU wants end to energy support measures by 2024
The European Commission wants all EU states to "wind down" energy support measures in force at present by the end of this year. In its policy guidance issued today to member states, the commission said that it wants EU states to step up cuts to fossil fuel consumption. And in the event of renewed energy price increases, the commission wants any new support measures after 2023 to be targeted at protecting vulnerable households and firms rather than wider support policies. Such measures should also be "fiscally affordable" as well as maintain incentives for energy savings, the commission said. Despite recent steps ... (full story)
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post at 10:32am: WTI Oil Jumps 2.3% to $74.57 After Huge Weekly Drop in U.S. Crude InventoriesCrude Inventory Data Shows Surprise Draw of 12.5 Million Barrels U.S. crude oil refinery inputs averaged 16.1 million barrels per day during the week ending May 19, 2023, which was 79 thousand barrels per day more than the previous week’s average. Refineries operated at 91.7% of their operable capacity last week. Gasoline production increased last week, averaging 10.3 million barrels per day. Distillate fuel production increased last week, averaging 4.9 million barrels per day. U.S. crude oil imports averaged 5.9 million barrels per day last week, decreased by 1,010 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.2 million barrels per day, 3.9% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 763,000 barrels per day, and distillate fuel imports averaged 156,000 barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 12.5 million barrels from the previous week. At 455.2 million barrels, U.S. crude oil inventories are 3% below the five year average for this time of year. Total motor gasoline inventories decreased by 2.1 million barrels from last week and are about 8% below the five year average for this time of year. Finished gasoline inventories increased, while blending components inventories decreased last week. Distillate fuel inventories decreased by 0.6 million barrels last week and are about 18% below the five year average for this time of year. Propane/propylene inventories increased 3.1 million barrels from last week and are 32% above the five year average for this time of year. Total commercial petr
post at 10:21am: YELLEN: EVEN IN RUN-UP TO POSSIBLE DEFAULT, THERE WILL LIKELY BE SUBSTANTIAL FINANCIAL MARKET DISTRESS post at 10:24am: YELLEN: MOST IMPORTANT LESSON LEARNED FROM 2011 DEBT CEILING EPISODE IS THAT HOUSEHOLD AND BUSINESSES CAN LOSE CONFIDENCE, IMPAIR ECONOMIC PERFORMANCE post at 10:24am: YELLEN: WE ARE COMMITTED TO NOT HAVING MISSED PAYMENTS, NOT INVOLVED IN PLANNING FOR WHAT HAPPENS IF THERE IS A DEFAULT
post at 10:14am: YELLEN: HIGHLY LIKELY TO RUN OUT OF SUFFICENT CASH EARLY JUNE post at 10:15am: US TREASURY SECRETARY YELLEN: IT IS HARD TO BE PRECISE ABOUT WHICH DAY RESOURCES WILL RUN OUT. post at 10:19am: YELLEN: WE SIMPLY HAVE TO RAISE THE DEBT CEILING #News #Markets #DEBT #capitalhungry post at 10:20am: US TREASURY SECRETARY YELLEN: PAYMENT PRIORITIZATION IS NOT OPERATIONALLY FEASIBLE. post at 10:20am: US TREASURY SECRETARY YELLEN: I'M SEEING STRESS IN THE FINANCIAL MARKETS, INCLUDING BILL AUCTIONS.
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- Posted: May 24, 2023 10:45am
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 190