European Gas Hits 18-Month Intraday Low

Oil prices have declined as traders closely monitor ongoing peace talks between Russia and Ukraine, raising concerns about the stability of oil supplies from Venezuela. The January WTI contract has seen a notable drop, reflecting market anxieties over geopolitical tensions and their potential impact on oil production.

India has been importing discounted Russian oil, which has raised concerns as these purchases indirectly support Moscow's military actions in Ukraine, leading to increased scrutiny from Western nations, particularly the U.S. and Europe.

The volume of Russian crude oil on tankers has increased by over 20% since the end of August, indicating a surge in exports despite ongoing delivery challenges. This rise comes amid geopolitical tensions and sanctions affecting the global oil market.

A fourth Russia-connected tanker was attacked in the Black Sea on Tuesday, marking a significant increase in assaults on vessels associated with Moscow as the conflict in Ukraine approaches its fifth year. This escalation reflects ongoing tensions in the region and the strategic importance of maritime routes for both Russia and Ukraine.

Russian President Vladimir Putin is set to enhance energy and defense exports during his upcoming visit to India, aiming to strengthen bilateral ties amid global economic shifts. This visit comes at a time when Russia is focusing on expanding its industrial output, particularly in military-related sectors, which have seen significant growth recently.

The European Central Bank (ECB) has declined to act as a backstop for a €140 billion loan to Ukraine, rejecting a proposal from the European Commission that aimed to utilize frozen Russian assets as collateral. This decision comes amid ongoing financial challenges faced by Ukraine due to the conflict with Russia.

Steve Witkoff and Jared Kushner are scheduled to meet with President Vladimir Putin in Moscow to discuss potential strategies for ending the ongoing conflict in Ukraine. This meeting highlights the continued diplomatic efforts aimed at resolving a war that has significant geopolitical implications.

Russia is preparing for its inaugural sale of yuan-denominated sovereign bonds, marking a significant step in bolstering China's ambitions to elevate the global status of its currency. This move is expected to enhance financial ties between Russia and China, reflecting a growing reliance on the yuan in international trade.