Russia said to be using Egypt’s El Hamra oil terminal to bypass sanctions on oil shipment

Bloomberg reporting that Moscow has for the first time ever used Egypt’s El Hamra oil terminal on its Mediterranean coast.

  • 700k bbls of oil offloaded on July 24
  • Another vessel collected a consignment from the port just a few hours later
  • Experts say the highly unusual move makes the cargo’s ultimate destination much harder to track, adding to a trend whereby Russian oil shipments are becoming increasingly obscured since European and western buyers began to shun them following the nation’s invasion of Ukraine.

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US stocks roar higher: S&P 500 rises to the highest since June

SPX daily

Fear has turned into FOMO. Bear market rallies can be intense.

A strong ISM services report healed recession fears while a drop in the prices paid component cooler inflation worries. Add in impressive equity momentum and it was a banner day, led by tech.

  • S&P 500 up 64 points, or 1.5%, to 4162
  • Nasdaq +2.6%
  • Russell 2000 +1.4%
  • DJIA +1.4%
  • Toronto TSX +0.3%

In terms of levels, the June high of 4177 is important short-term resistance with many eyes on the 200-day moving average beyond that.

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