{"id":549006,"date":"2022-08-30T04:00:48","date_gmt":"2022-08-30T04:00:48","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/30\/eu-energy-prices-up-eu-currency-down-iranian-oil\/"},"modified":"2022-08-30T04:00:48","modified_gmt":"2022-08-30T04:00:48","slug":"eu-energy-prices-up-eu-currency-down-iranian-oil","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/30\/eu-energy-prices-up-eu-currency-down-iranian-oil\/","title":{"rendered":"EU energy prices up. EU currency down. Iranian oil\u2026?"},"content":{"rendered":"

<\/a> EU hits panic button as energy crisis escalates: <\/strong>The EU plans to \u201cdecouple\u201d electricity prices from gas as part of an emergency package of measures to tackle the spiraling energy crisis in the continent, EU Commission President Ursula von der Leyen said yesterday. Natural gas and electricity prices are now 10x higher than they were a year ago as the sanctions war between Europe and Russia disrupts gas supplies.<\/p>\n

Also in the cards:<\/strong> Price caps on wholesale gas and taxes on windfall profits made by the energy sector are also being discussed.<\/p>\n

This could last for years, says Shell:<\/strong> \u201cIt may well be that we have a number of winters where we have to somehow find solutions through efficiency savings, through rationing and a very, very quick buildout of alternatives,\u201d CEO Ben van Beurden said. (AFP<\/a> | Financial Times<\/a> | Bloomberg<\/a>)<\/p>\n

\n

Investors are upping wagers against the EUR as Europe\u2019s energy crisis goes from bad to worse<\/strong>, the F<\/a>in<\/a>ancial Times<\/a> reports. Investor wagers on a decline in the value of the EUR reached their highest level since the start of the pandemic, as the threat of recession in Europe intensifies prompted by record energy prices<\/a>. The EUR fell below USD parity<\/a> last week, reaching a two-decade low of EUR 0.99.<\/p>\n

Also contributing to the EUR\u2019s bearish outlook: The unstoppable rise of the USD. <\/strong>The USD hit a 20-year high on Monday following signals from Jackson Hole<\/a> that the Fed will continue to raise interest rates, Reuters<\/a> reports. The USD peaked at 109.28 on the USD index, which measures the currency's value relative to a basket of foreign currencies.<\/p>\n

A mega rate-hike in Europe was enough to lift the currency off its lows yesterday:<\/strong> Several European Central Bank officials were reported<\/a> to be in favor of a 75-bps interest rate hike in September, helping lift the currency off its multi-decade lows against the greenback yesterday.<\/p>\n

\n

Sweetener for a nuclear deal? <\/strong>Iran is ready to bring an estimated 60-93 mn barrels of Iranian oil to the global market if a nuclear agreement is reached with the US, Bloomberg<\/a> reports, citing shipping tracking data.<\/p>\n

Tempting for Biden?<\/strong> The US president has had mixed results convincing his Gulf allies and other OPEC nations to ramp up production as the sanctions war with Russia sends shockwaves through global energy markets. Iranian supply could ease some of the pressure just as the Biden administration stops drawing on its strategic crude reserves in October and OPEC+ threatens to curb production<\/a>.<\/p>\n

Oil is now back in triple digits<\/strong> after Saudi Arabia last week threatened to cut output. Brent crude finished yesterday\u2019s trading session at USD 103 a barrel yesterday, its highest close since the end of July.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

10,122<\/p>\n<\/td>\n

\n

-0.6% (YTD: -15.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 19.15<\/p>\n<\/td>\n

\n

Sell 19.26<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 19.18<\/p>\n<\/td>\n

\n

Sell 19.24<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

11.25% deposit<\/p>\n<\/td>\n

\n

12.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

12,531<\/p>\n<\/td>\n

\n

0.0% (YTD: +11.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,964<\/p>\n<\/td>\n

\n

-1.1% (YTD: +17.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

3,436<\/p>\n<\/td>\n

\n

-0.8% (YTD: +7.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,031<\/p>\n<\/td>\n

\n

-0.7% (YTD: -15.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,427<\/p>\n<\/td>\n

\n

-0.7% (YTD: +0.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

3,571<\/p>\n<\/td>\n

\n

-0.9% (YTD: -16.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 105.09<\/p>\n<\/td>\n

\n

+4.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 9.35<\/p>\n<\/td>\n

\n

+0.6%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,749.70<\/p>\n<\/td>\n

\n

0.0%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 20,205<\/p>\n<\/td>\n

\n

+1.2% (YTD: -56.4%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 fell 0.6% at yesterday\u2019s close<\/strong> on turnover of EGP 1.58 bn (46.4% above the 90-day average). Local investors were net buyers. The index is down 15.3% YTD.<\/p>\n

In the green: <\/strong>Qalaa Holdings (+3.6%), Alexandria Containers (+3.3%) and Palm Hills Development (+2.1%).<\/p>\n

In the red: <\/strong>Madinet Nasr Housing (-7.0%), Elsewedy Electric (-3.0%) and Ibnsina Pharma (-2.4%).<\/p>\n","protected":false},"excerpt":{"rendered":"

EU hits panic button as energy crisis escalates: The EU plans to \u201cdecouple\u201d electricity prices from gas as part of an emergency package of measures to tackle the spiraling energy crisis in the continent, EU Commission President Ursula von der Leyen said yesterday. Natural gas and electricity prices are now 10x higher than they were […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[380,244,93,72,7192,119,716,91,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-549006","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-currencies","tag-electricity","tag-energy","tag-enterpriseam","tag-eu","tag-financial-markets","tag-iran","tag-oil-and-gas","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"c2c4c02b-44f5-4917-a04c-3787a6711d45","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[548987],"teaser":"","voice_url":""},"yoast_head":"\nEU energy prices up. 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Funds are now overweight on high-yield energy bonds, while one US gas producer reportedly saw double the usual levels of\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":549481,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/19\/egypt-gas-revenues-could-rise-more-than-50-this-fiscal-year\/","url_meta":{"origin":549006,"position":1},"title":"Egypt gas revenues could rise more than 50% this fiscal year","author":"enterpriseam admin","date":"19 September 2022","format":false,"excerpt":"Egypt wants to generate USD 8.5-10 bn in natural gas revenues in FY 2022-2023, up from USD 6.5 bn last year, Oil Minister Tarek El Molla told Al Arabiya (watch, runtime: 2:02).El Molla cited the government\u2019s electricity rationing strategy as being a key driver for the higher expected revenues, telling\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":550182,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/17\/eu-wants-a-price-cap-on-its-gas-markets-more-us-economists-expect-recession\/","url_meta":{"origin":549006,"position":2},"title":"EU wants a price cap on its gas markets + More US economists expect recession","author":"enterpriseam admin","date":"17 October 2022","format":false,"excerpt":"The EU wants to cap prices in its benchmark gas market: The European Commission will propose an emergency price cap on transactions on the benchmark Dutch TTF, in the region\u2019s latest bid to tame spiraling energy prices, according to an official document seen by Bloomberg and the Financial Times. The\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":578436,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/28\/market-volatility-in-2022-saw-big-chances-open-up-for-our-energy-sector\/","url_meta":{"origin":549006,"position":3},"title":"Market volatility in 2022 saw big chances open up for our energy sector","author":"enterpriseam admin","date":"28 December 2022","format":false,"excerpt":"2022 sent the energy markets on a wild ride: The outbreak of war in Ukraine sent energy to the front pages of the global press this year. Europe\u2019s loss of Russian fossil fuels helped drive up inflation and raised thorny questions over how to ensure energy security in an increasingly\u2026","rel":"","context":"In "YEAR IN REVIEW: ENERGY"","block_context":{"text":"YEAR IN REVIEW: ENERGY","link":"https:\/\/enterpriseam.com\/egypt\/category\/year-in-review-energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/580.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":550129,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/16\/el-molla-calls-on-european-dfis-to-invest-in-eastmed-energy\/","url_meta":{"origin":549006,"position":4},"title":"El Molla calls on European DFIs to invest in EastMed energy","author":"enterpriseam admin","date":"16 October 2022","format":false,"excerpt":"To solve its energy crisis, Europe should invest in EastMed, says El Molla: Gas from Eastern Mediterranean countries could help tame Europe\u2019s energy crisis \u2014 provided that development partners like the European Bank for Reconstruction and Development (EBRD) and European Investment Bank (EIB) help fund the drilling, Reuters reports Oil\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/231.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555221,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/07\/egypt-lays-out-2030-renewable-energy-targets\/","url_meta":{"origin":549006,"position":5},"title":"Egypt lays out 2030 renewable energy targets","author":"enterpriseam admin","date":"7 November 2021","format":false,"excerpt":"The Sisi administration wants to grow renewable energy capacity to cover 42% of the country\u2019s electricity needs by 2030, Oil Minister Tarek El Molla announced at the UN\u2019s COP26 climate summit in Glasgow on Thursday, according to a ministry statement. The new target apparently shortens the timeline for our clean\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/347.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/549006","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=549006"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/549006\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/548987"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=549006"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=549006"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=549006"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=549006"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=549006"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}