German utilities are reported as being close to long-term LNG deals with Qatar

Info comes via a Reuters report, in brief:

  • German utilities RWE and Uniper are close to striking long-term deals to buy liquefied natural gas (LNG) from Qatar’s North Field Expansion project to help replace Russian gas, three sources familiar with the matter said.
  • While supply deals with Qatar would be positive for Germany, they would not offer an imminent solution to Berlin’s energy crisis as the vast North Field Expansion project is not expected to come online before 2026.

An encouraging development but as it says, the new supply source is not imminent. A tough winter lies ahead for Europe.

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World Bank President says global economic slowdown may persist well in 2023

World Bank Group President David Malpass is speaking with US TV, Fox Business.

I’m not sure that saying that the current global economic slowdown may persist well in 2023 is adding too much new to the current pool of knowledge. Energy issues (especially for Europe), global central banks ramping rates higher, China malaise … none of these are fresh issues.

wolrd bank malpass

US stocks close higher and near session highs. Erase earlier declines Dow was down -263.05 points or -0.5% at the lows. S&P low was down -0.93%. NASDAQ low was -0.97%

  • Dow industrial average +197.26 points or 0.64% at 31019.69
  • S&P index +26.56 points or 0.69% at 3899.88
  • NASDAQ index up 86.63 points or 0.76% at 11535.03
  • Russell 2014.65 points or 0.81% at 1812.84

Looking at the sectors of the S&P index only to work lower – Real estate and healthcare. The healthcare sector fell -0.54% while the real estate sector fell -0.22%.

The strongest gaining sectors were:

  • materials which rose 1.63%.
  • Consumer discretionary which rose 1.34%
  • industrials which rose 1.33%, and
  • utilities which rose 1.32%
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