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Mar 3 • 5 tweets • 3 min read
The Bloomberg Commodity Spot Index (which tracks futures for energy, metals & agriculture) is on course for its biggest weekly gain since 1960 📈🚨

🛢️ Brent oil tops $115 #OOTT
🇪🇺 Europe gas at record
🥫 Aluminum at record
🌾 Wheat at highest since 2008

bloomberg.com/news/articles/…
The BCOM Spot index, which only updates at the end of each global session, was 8.6% higher this week through the end of Wednesday

It’s probably already eclipsed the 9.7% jump in 1974 -- at the tail-end of that era’s oil crisis -- and could set a fresh record on Friday
Russia’s growing isolation is choking a major global source of raw materials, sparking fears of prolonged shortages and sharper global inflation 🇷🇺

Traders are re-assessing their ties with the nation even though sweeping international sanctions have so far avoided commodities
🌾 Bloomberg’s agriculture index surged to a record as global food inflation intensifies

bloomberg.com/news/articles/…
UPDATE: The Bloomberg Commodity Spot Index, which tracks 23 futures contracts, climbed 13% last week. That’s the most in data going back to 1960 (!!) 🚨

Russia’s growing isolation has traders rushing to secure alternatives, sparking inflation fears

bloomberg.com/news/articles/…

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More from @SStapczynski

Stephen Stapczynski Profile picture
Mar 4
North Asia’s liquefied natural gas spot price surged to a record 🚨

🚢 Russian supply concerns intensified competition between Asia and Europe for available supply of the super-chilled fuel
📈 JKM LNG rose to nearly $60/mmbtu, doubling in the last week

bloomberg.com/news/articles/… Image
“Panic spread through the international gas markets over supply availability due to the Russia-Ukraine conflict,” according to S&P Global Commodity Insights

bloomberg.com/news/articles/…
Asian LNG prices were pulled higher by a historic rally in European rates

Dutch TTF futures nearly touched 200 euros/MWh, also a record high. They're trading around 190 euros today, roughly equal to $60/mmnyu

bloomberg.com/news/articles/… Image
Read 4 tweets
Stephen Stapczynski Profile picture
Mar 4
Why today’s attack on the Ukraine nuclear power plant is nothing like Chernobyl 🧵

News of Russia shelling Europe's largest atomic plant sent shudders around the world. But there are a myriad of reasons why it's unlikely to result in an atomic disaster

bloomberg.com/news/articles/…
While Ukrainain Foreign Minister Dmytro Kuleba warned of a disaster “10 times larger” than Chernobyl when a fire broke out at the Zaporizhzhia plant, analysts and specialists I spoke to throughout the morning said that was unlikely
📌 First off, what happened?

A fire had broken out at the Zaporizhzhia plant in southeastern Ukraine after Russian shelling overnight (the fire has since been contained)

The facility -- near the city of Enerhodar, about 500 km from Chernobyl -- has a total capacity of 5.7 GW Image
Read 17 tweets
Stephen Stapczynski Profile picture
Mar 4
Europe’s largest nuclear power plant suffered a fire as Russian troops began shelling early Friday, raising concerns over the facility's safety 🇺🇦☢️

The Zaporizhzhia plant in Ukraine has six Soviet-designed 950-MW reactors built between 1984 and 1995
If shelling had occurred, the reactors should switch off automatically, @energybants

(Good point to remember ☝️)

bloomberg.com/news/articles/…
UPDATE: Ukraine regulator tells IAEA there has been no change reported in radiation levels at the Zaporizhzhia Nuclear Power Plant site

Read 5 tweets
Stephen Stapczynski Profile picture
Mar 2
Brent oil surged above $110 a barrel for the first time since 2014 🛢️📈

⚠️IEA warned that global energy security is under threat following Russia’s invasion of Ukraine
⚠️Global oil market was already tightening significantly prior to the invasion

bloomberg.com/news/articles/… Image
The U.S. and other major economies have agreed on a coordinated release of oil stockpiles on surging crude prices

But the effort on a coordinated release of 60 million barrels is doing little to calm markets

bloomberg.com/news/articles/…
Brent oil is above $112 👀🛢️ Image
Read 4 tweets
Stephen Stapczynski Profile picture
Feb 28
Shell announced that it will exit from equity partnerships with Russia’s Gazprom 🇷🇺 🚨

That includes its 27.5% stake in the Sakhalin-II liquefied natural gas export facility 🚢

Shell is the latest western company to exit Russian investments amid the Ukraine conflict 👋 Image
Shell will exit from the following projects:

>> Sakhalin-2 LNG export plant
Shell has a 27.5 percent interest in
>> Salym petroleum development
>> Nord Stream 2 pipeline
>> Gydan energy development
The ball is now in the court of Japanese partners at Sakhalin II — will Mitsubishi and Mitsui be put under pressure to exit as well? 🇯🇵

Sakhalin is a key plant for Japan, providing nearly 8% of deliveries
Read 5 tweets
Stephen Stapczynski Profile picture
Feb 28
Some LNG buyers have paused further spot purchases from Russia due to the quickly evolving sanctions
🚢🇷🇺

⚠️ Traders cautious about buying more LNG or using Russian vessels, even though sanctions don't target energy
⚠️ This may tighten spot LNG supply

bloomberg.com/news/articles/…
🏦 Some smaller importer are struggling to get letters of credit from banks to purchase Russian LNG, effectively halting their procurement

👍 To be sure, LNG importers are continuing to take delivery of Russian cargoes under long-term contracts or that were previously purchased
Btw, Russia is the fourth-largest LNG exporter
Read 4 tweets

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