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Good morning. The US is making moves to fill supply gaps in the absence of Russian crude, and American exporters are likely set to play an increasingly important role to sustain oil supplies in Europe. 

Let's break it down. 

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The Russian-flagged oil tanker Pegas is pictured at a port in Marmara Ereglisi, western Turkey January 16, 2022.

1. As Russian oil slows down, the US is ramping up. To help replace missing Russian energy supplies, the US has super-sized its crude deliveries to Europe, using tankers double the normal size. 

This month, a 2-million barrel supertanker delivered oil from the US to Spain for the first time since 2015, Bloomberg reported, before making stops in Germany and the Netherlands. 

American exports are plugging the gap as the EU attempts to wean itself off Russian oil and as some buyers self-sanction from doing business with Moscow. 

"As most European buyers are phasing down Russian crude imports, more replacement barrels are set to come from the US going forward, likely underpinning the trend to bigger vessels," a chief economist said Tuesday.

Meanwhile, Russia's largest state-run oil producer, Rosneft, failed to sell 37 million barrels of its flagship Urals crude, traders told Reuters Tuesday. The ratio of outgoing Urals seaborne exports to Europe has cratered from 90% to 50%.

A Polish news outlet reported Tuesday that Russia has halted gas shipments to Poland, signaling a retaliatory measure by the Kremlin against the EU. European gas prices soared as much as 17% following the news.

A worker harvests oil palm fruits, used to produce palm oil, at a plantation in Kutamakmur, Aceh on September 24, 2021.

In other news:

2. US stock futures have reversed some of yesterday's losses. On Tuesday, traders weighed renewed COVID-19 concerns in China as well as fears on inflation. Here's what happened on the market.

3. Earnings on deck: Aflac, Amgen, United Bancorp, and Boeing, all reporting.

4. The big challenges that have spooked investors are now priced into stocks, paving the way for a rally, according to RBC. The firm's head US equity strategist said stocks might re-test their lows from last month, but double-digit upside for the rest of 2022. Here's what to buy. 

5. "Big Short" investor Michael Burry applauded Elon Musk's Twitter purchase. In addition to cheering on the billionaire, however, he also warned that the current market reflects shades of the Great Crash of 1929.  

6. Tesla dropped Tuesday as investors digest Musk's Twitter deal. But Ford also caused a stir in the EV market. The legacy automaker announced it would be scaling up production of its electric F-150 amid huge demand. 

7. Palm oil prices reversed after a Monday spike after Indonesia said its export ban will be less severe than feared. The surprise ban earlier in the week had sent prices of edible oils skyrocketing. Prices then fell on the news that Indonesia will only halt certain exports. 

8. A 30-year old property investor and wholesaler who is financially independent explained how to build wealth through real estate investing. "Implement what you learn immediately," Ludomir Wanot said. See the seven steps he recommends for real estate investing. 

9. Goldman Sachs' US chief economist shared numbers to explain whether a recession will be necessary to tame skyrocketing inflation. David Mericle broke down six charts that tackle supply chain disruption, wage growth, and the link between inflation and recessions. See the six data visualizations here.

Mortgage payment to income ratio via Black Knight 4x3

10. Americans are spending nearly a third of their income on mortgages. That's the largest share since 2007, and up from 24% at the end of 2021. Dig into the numbers here.

Keep up with the latest markets news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief from the Insider newsroom. Listen here.

Curated by Phil Rosen in New York. (Feedback or tips? Email prosen@insider.com or tweet @philrosenn.) 

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