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Tuesday, 14 June 2022

Asia is lapping up Russian crude

Russia doesn’t seem to be having problems finding buyers for its crude: Moscow is selling an “unprecedented” volume of crude to buyers in Asia as it redirects flows ahead of the EU’s partial oil embargo, which will see it cut imports by 90% by the end of the year, Bloomberg reports. Asian purchasers, led by China and India, are clinching nearly half of crude shipped from Russia’s ports, and last week around 860k barrels a day of Asia-bound crude were loaded from Russia’s western terminals alone.

The same can’t be said for Libya: Oil production in Libya has all but ground to a halt after demonstrators forced the shutdown of two of the country’s key oil ports, placing further stress on the tight global market. (Bloomberg)

Down

EGX30

10,015

-0.8% (YTD: -16.2%)

Up

USD (CBE)

Buy 18.67

Sell 18.75

Up

USD at CIB

Buy 18.69

Sell 18.75

None

Interest rates CBE

11.25% deposit

12.25% lending

Down

Tadawul

12,053

-2.2% (YTD: +6.8%)

Down

ADX

9,459

-1.8% (YTD: +11.4%)

Down

DFM

3,287

-2.7% (YTD: +2.9%)

Down

S&P 500

3,750

-3.9% (YTD: -21.3%)

Down

FTSE 100

7,206

-1.5% (YTD: -2.4%)

Down

Euro Stoxx 50

3,503

-2.7% (YTD: -18.5%)

Up

Brent crude

USD 122.19

+0.2%

Down

Natural gas (Nymex)

USD 8.61

-2.7%

Down

Gold

USD 1,831.80

-2.3%

Down

BTC

USD 23,002

-15.9% (YTD: -49.6%)

THE CLOSING BELL-

The EGX30 fell 0.8% at yesterday’s close on turnover of EGP 646 mn (22.4% below the 90-day average). Foreign investors were net sellers. The index is down 16.2% YTD.

In the green: Rameda (+1.9%), Eastern Company (+1.7%) and Abu Dhabi Islamic Bank Egypt (+0.8%).

In the red: GB Auto (-6.5%), Madinet Nasr Housing (-5.7%) and Ezz Steel (-4.9%).

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