The most recent signal that Europe may soon face a recession comes from oil traders, who are selling European gas oil futures while buying U.S. diesel futures.
Russia’s new sanctions, which include a total of 30 entities, have increased momentum as the European Union stalls over plans for a Russian oil ban.
Europe is desperate to replace Russian gas, which has driven the U.S. to export as much LNG as it possibly can.
Natural Resources Minister Jonathan Wilkinson said that his country will actively work to free up extra crude supplies for the U.S. and Europe