Nothing but good news from Europe. Kind of.

All of you, naysayers, including myself, shut up and apologise to those lovely people in Brussels, Berlin, Rome, Paris, etc. They have done the impossible and secured enough oil and gas for the European winter, and Putin’s probably weeping in his tea right now.

No, I’m not joking and I’m not under the influence of illegal — or legal — substances. I’ve just been reading the latest news and it’s been bright and pink, and optimistic.

Take this one, for example. European refiners have stuffed themselves with crude ahead of the EU embargo and now don’t know what to do with it. They soon will, I imagine, as the embargo kicks in on December 5, but not to worry: they’ve replaced their sources and will be perfectly fine without Russian crude, according to commodity traders.

For example, imports of crude from Latin America have more than doubled from 132,000 bpd last year to 313,000 bpd this year, Reuters data shows. Imports from the United States have, of course, also increased, from 800,000 bpd to 1.1 million bpd this year. Ditto imports from Iraq, which are up 20% this year.

"Nobody is screaming for crude right now," one trader told Reuters and I loved this quote. Well, of course nobody is screaming for crude, there’s still time to stock up on cheap oil before the embargo. The fun will begin later, after next February, when the fuel embargo kicks in.