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How to Draw a Hot Air Balloon — Olga Samofalova

Summary:
In September von der Leyen announced her support for a price cap on the international trade in exports of Russian pipeline gas and liquefied natural gas (LNG). Last month she said the European Union is “ready to go” with a price cap on Russian oil exports.However, the European and Asian gas and oil trade is not only contradicting what von der Leyen is claiming; it is demonstrating they are profiting from her public lies. In the gas market there is new evidence that the French, Dutch and Belgian governments are allowing the purchase of record volumes of imported Russian LNG, and the re-export of this gas at a profit to other European states, including Germany. The arbitrage – that is, the profit from buying Russian LNG at the Russian selling price and then reselling it at a premium to

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In September von der Leyen announced her support for a price cap on the international trade in exports of Russian pipeline gas and liquefied natural gas (LNG). Last month she said the European Union is “ready to go” with a price cap on Russian oil exports.

However, the European and Asian gas and oil trade is not only contradicting what von der Leyen is claiming; it is demonstrating they are profiting from her public lies. In the gas market there is new evidence that the French, Dutch and Belgian governments are allowing the purchase of record volumes of imported Russian LNG, and the re-export of this gas at a profit to other European states, including Germany. The arbitrage – that is, the profit from buying Russian LNG at the Russian selling price and then reselling it at a premium to European consumers – is so lucrative, the Chinese are diverting their contracted volumes of Russian LNG to Europe.

Olga Samofalova, the energy market analyst at Vzglyad , reported yesterday on how the markets are defeating the sanctions....

Dances with Bears
How to Draw a Hot Air Balloon
Olga Samofalova, introduced and translated by John Helmer, Moscow
Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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