Biden admin to ban imports of all Russian oil, LNG and coal imports as early as today - BBG

Joel Frank Independent Analyst

The Biden administration is set to ban all US imports of oil, liquid natural gas (LNG) and coal as soon as today (Tuesday) without the participation of European allies, sources told Bloomberg. Analysts have pointed out that in 2021, the US was importing 700K barrels of crude oil per day from Russia. However, since the Russian invasion of Ukraine, US buyers of crude oil have taken it upon themselves to stop buying Russian crude (in anticipation of such a ban). Analysts pointed out that, last week, the US did not import any Russian crude oil. So Monday's announcement is more a case of making a policy that US oil importers had already been following official.

Separately, US Senator Chris Coons recently said CNN that the White House is likely to ban oil imports from Russia and warned that gas prices are likely to increase in the US and globally.

Market Reaction

Though many had expected such an announcement would come soon, front-month WTI futures are nonetheless rallying. Perhaps traders weren't expecting the ban to be announced as soon as Tuesday. WTI has recently pushed to highs of the day in the $124.00s and will now be eyeing a retest of Monday's highs in the $127.50 area.

Author

Joel Frank

Independent Analyst

Joel Frank is an economics graduate from the University of Birmingham and has worked as a full-time financial market analyst since 2018, specialising in the coverage of how developments in the global economy impact financial asset

GBP/USD loses momentum, flirts with 1.3200

GBP/USD is struggling to maintain its positive bias on Thursday, retreating toward the 1.3200 region in response to the pick in the buying interest around the Greenback. That said, Cable remains under scrutiny as cautious market sentiment keeps investors focused on the US-Iran conflict and political effervescence in the UK.

EUR/USD trims gains, challenges 1.1400

EUR/USD now gives away part of its earlier advance, receding toward the 1.1400 contention zone on Thursday. Meanwhile, the pair’s recovery comes amid extra losses in the US Dollar, at the time when while investors continue to monitor developments in the Middle East and sentiment surrounding global technology stocks.

Gold remains bid and close to $4,100

Gold accelerates its recovery and approaches the key $4,000 mark per troy ounce at the end of the week, adding to Thursday’s advance. However, expectations for a hawkish Fed remain steady and keep the yellow metal’s potential upside contained.

Crypto Today: Bitcoin at $60,000, Ethereum at $1,500, and XRP at $1 face a make-or-break test

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are trading in the red on Friday after three consecutive days of losses, testing their respective make-or-break support levels.

Week ahead – NFP report to challenge Dollar strength and the hawkish Fed

Dollar strength dominates markets, as the hawkish Fed overshadows geopolitics and lower oil prices. NFP week could drive September Fed hike expectations and boost market volatility. The euro lacks fresh bullish catalysts, all eyes on the preliminary inflation report and the ECB Forum.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.