OIL: Turkey's Biggest Refiner Restricting Russian Oil Purchases
Feb-13 15:30
Turkey’s biggest refiner Tupras is restricting its purchases of Russian oil and fuels to avoid falling foul of US sanctions, Bloomberg reports.
- After the Biden administration imposed wide-ranging sanctions on Russia’s oil exports on Jan. 10, Tupras ceased buying above price-cap barrels. It will still accept the delivery of them up to Feb. 27.
- After Feb. 27, Tupras will cease to accept shipments that aren’t in compliance with the G7 price cap.
- The Kremlin has in the past said that it would not deal with entities that stick to the price cap, although with Urals hovering around $60/bbl, according to Argus Media data, it remains to be seen whether the Turkish firm will continue to buy.
Tupras purchases of Russian crude averaged 290k b/d between June 2024 and January 2025, according to Bloomberg data.
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US: Speaker Johnson Looks To Extend Debt Limit For Entirety Of Trump's Term
Jan-14 15:28
Jake Sherman at Punchbowl News reports on X that House Speaker Mike Johnson (R-LA) is looking to extend the federal debt limit for the entirety of President-elect Donald Trump's term and will discuss options at a Republican conference meeting today.
- Sherman adds Johnson said the move would be “costly” - meaning democrats would exact a price for their votes, should the extension be moved outside of reconciliation - the mechanism by which the government can pass budget-related legislation along party lines.
- Johnson said he’s “agnostic” whether the debt limit rides on reconciliation or via regular appropriations where it will need Democrat support. While Republicans are in a strong position to legislate a debt ceiling hike via reconciliation, including it in a major border security/energy/tax package could leave the GOP agenda vulnerable to a rebellion from conservative deficit hawks.
- Johnson's comments come amid a spat with Democrats after the Speaker yesterday floated tying the debt limit to California wildfire aid. As a lengthy debt limit extension outside of reconciliation will require Democrat support. Johnson's move to attach the debt limit to a supplemental disaster aid could hasten passage of the bill but will certainly draw Democrat criticism.
- Senator Chris Murphy (D-CT) said, in response to reports of the debt limit-aid tie-up: "They need to raise the debt ceiling to pass their massive tax cut for the super wealthy. So the message is: we will only rebuild California if our billionaire and corporate friends get their money. Unreal."
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Jan-14 15:24
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SCHATZ: Swap related trade
Jan-14 15:23
Schatz Swap related trade, suggest Payer:
- DUH5 8k at 106.49.
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