EU Commission Spokesperson says "we are far less concerned about the security of supply of oil and gas than we are about the high energy prices"
Newsquawk Staff ·
- All member states have between 85-90 days of stocks of oil or equivalent.
What it means
The EU Commission's remarks indicate a shift in focus from supply security toward addressing soaring energy prices, which could signal a more stable outlook for oil and gas supplies in the near term. With member states holding substantial reserves, this may relieve some market pressures, but persistent high prices could still weigh on economic sentiment and inflation expectations across the region.
- UAE’s Sharjah temporarily closes all its beaches as a precautionary measure after an oil spill, according to a statement
- Russian Deputy PM Novak says they are open to work with US partners on energy, but there are no current discussions around a return to specific projects
- Equinor (EQNR NO) CEO says what happens in the Middle East determines the price of oil, refined products and gas; hopes that Britain will approve the Rosebank oilfield
- US Weekly Private Energy Inventory Data (bbls): Crude -2.0mln (exp. +0.5mln), Gasoline +2.4mln (exp. -1.3mln), Distillate +0.4mln (exp. -0.9mln), Cushing -0.5mln
- CRUDE WRAP: WTI (Z6) SETTLES USD 1.86 LOWER AT 99.90/BBL; BRENT (F7) SETTLES USD 1.33 LOWER AT 109.41/BBL
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