<p>Vitol’s CEO says significantly lower demand for oil products; we’ll see demand destruction for more months; „absolutely“ seeing signs of oil demand destruction </p><p>Also says China is unlikely to see demand rebound until H2 2023.</p><p><a target=“_blank“ href=“https://newsquawk.com/headlines/list#:~:text=Vitol%27s%20CEO%20says,until%20H2%202023.“ target=“_blank“ rel=“nofollow“>Link to Newsquawk’s report </a></p>

This article was written by Ryan Paisey at forexlive.com.

<p>The Kremlin has repeated the lines used at the weekend, but for those that missed them the first time around..</p><p>UKRAINIAN ACTIONS HAVE UNDERMINED THE DEAL</p><p>GRAIN DEAL IN THAT CASE IS RISKY AND NOT GUARANTEED</p><p>BLACK SEA GRAIN DEAL IS HARDLY FEASIBLE GIVEN THAT RUSSIA CAN’T GUARANTEE SAFETY OF SHIPPING</p><p>—–</p><p>KREMLIN, ASKED UNDER WHAT CIRCUMSTANCES IT MIGHT REJOIN GRAIN DEAL, DECLINES TO COMMENT</p>

This article was written by Ryan Paisey at forexlive.com.

<p><a target=“_blank“ href=“https://twitter.com/PriapusIQ/status/1587039925588967424?s=20&t=l1Fz4SLtX_ctZavjGmIsiQ“ target=“_blank“ rel=“nofollow“>Reuters Reports</a> – German households are paying more than 2-1/2 times as much for an average annual gas contract from their supplier than a year ago although wholesale prices are reflecting lower consumption and more diversified supply, data showed on Monday.Energy prices portal Check24 said the average gas price in October for a typical household consuming 20,000 kilowatt hours (kWh) stood at 3,726 euros ($3,702.15). A year ago – before Russia’s invasion of Ukraine and the resulting disruption to gas supplies – such a contract could have been secured at 1,365 euros.</p>

This article was written by Ryan Paisey at forexlive.com.

<p> Oil prices will find support from OPEC+ output cuts and sanctions on Russia for the rest of the year and into the early part of 2023, a Reuters poll showed on Monday, but a recession could limit further gains.A survey of 42 economists and analysts forecast benchmark Brent crude would average $101.10 a barrel this year, and $95.74 in 2023, up from estimates of $100.45 and $93.70 respectively in September.U.S. crude forecasts were raised slightly to $96.23 a barrel in 2022 and $90.39 next year, from the $95.73 and $88.70 consensus last month.However, on a quarterly basis, the Brent forecasts indicated a gradual trend downward next year, with the second quarter consensus at $96.38 a barrel versus $98.01 in the first, and a further dip to $94.70 in the third quarter.</p><p><a target=“_blank“ href=“https://twitter.com/PriapusIQ/status/1587037552267116544?s=20&t=XULIaVMKG6QwUzA_39ssHg“ target=“_blank“ rel=“nofollow“>Full Reuters Report</a></p><p><a target=“_blank“ href=“https://www.forexlive.com/terms/c/crude-oil/“ target=“_blank“ id=“e1f1b115-23d2-48c8-98c8-24024dada457_1″ class=“terms__main-term“>Crude Oil</a></p>

This article was written by Ryan Paisey at forexlive.com.

<p>Reuters Reports that – Germany should cap gas prices at 12 euro cents per kilowatt hours (kWh) for 80% of households‘ basic consumption from March 2023 until at least the end of April 2024, according to a report by the country’s expert commission to the government. </p><p>The cap should also benefit large industrial consumers and that should come into force from Jan. 1, 2023, the report said on Monday, also proposing to attach conditions on firms making use of it, such as keeping 90% of jobs for a year and maintaining existing sites in Germany.</p><p><a target=“_blank“ href=“https://twitter.com/PriapusIQ/status/1587035567430291456?s=20&t=u_Gir4XkKmV_XQqrXwRIgQ“ target=“_blank“ rel=“nofollow“>Full Reuters Note</a></p>

This article was written by Ryan Paisey at forexlive.com.