Day: November 24, 2022

December Could Offer ‘The Mother Of All Buying Opportunities’ For Oil

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Oil traders and speculators could see the “mother of all buying opportunities” for WTI crude oil in December, as oil prices are about to dip further in the coming days, CNBC’s Jim Cramer says. Oil prices have traded down so far this month, as fears of recession and China’s surging Covid cases have weighed on market sentiment despite the imminent EU embargo on imports of Russian crude oil by sea. Early on Wednesday, Brent Crude traded at $85 per barrel, and the U.S. benchmark was below $80—at $78 a barrel after…

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Oil Prices Slide As EU Leaders Discuss Price Cap On Russian Crude

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il prices fell overnight as the debacle of the Russian Oil Price Cap scheme continues in Europe. The biggest news is that the EU ambassadors are considering setting the Russian oil price cap at between $65 and $70 (which is around the level Russian crude currently trades at). “A $65-$70 price cap on Russian oil would not mean that much considering the discount Urals is currently selling at,” said Ole Hansen, head of commodities strategy at Saxo Bank. “The market is struggling to make its mind up given the multiple uncertainties regarding…

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FBR concedes collecting significant amount of revenue thru power bills

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The Federal Board of Revenue (FBR) has conceded before a parliamentary panel of collecting a significant amount of revenue through electricity bills as effective tax rate is 58 percent per unit on commercial consumer and 29 percent on domestic consumers. Senate Standing Committee on Finance and Revenue presided over by Senator Saleem Mandviwalla Wednesday inquired from the officials of the FBR about the quantum of taxes on per unit electricity because the committee has been receiving complaints from the people that there are heavy taxes on electricity bills. The FBR…

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Payment for imported coal: HSR approaches PD for early forex approval

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Chinese company M/s Huaneng Shandong Ruyi (Pakistan) Energy (Private) Limited (HSR) has approached Power Division for timely approval of foreign exchange payments for coal purchase. In a letter to Secretary Power, HSR’s CEO has referred to his previous correspondence wherein the company sought permission/ approval of the SBP for payment for ship 324 amounting to $ 15,624,400 in respect of South African coal. The letter has been written in light of article 10.4 of the Implementation Agreement wherein the company stated that it initiated the application for coal payment on…

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OMCs’ HSD premium: ECC directs PD to develop certification mechanism

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petrol

The Economic Coordination Committee (ECC) of the Cabinet has directed the Petroleum Division to develop a mechanism for certifying the premium of OMCs on imported HSD, official sources told Business Recorder. On November 18, 2022, the Petroleum Division informed the forum that the ECC while considering its summary titled, ‘High Speed Diesel (HSD)/gas oil premium” in its meeting held on November 4, 2022 had allowed premium on HSD imports subject to maximum capping at $ 15/BBL for importing Oil Marketing Companies (OMCs) during November and December 2022. However, oil industry expressed…

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