War in Ukraine

Complications for European Marine Fuel as Russian Middle Distillate Imports Fall

Reduced European imports of Russian middle distillates has been leading to complications in marine fuel, with a leading testing agency seeing rising demand for lubricity tests to ensure fuel will not damage engines.

Energy in the New Era

This report, published to coincide with S&P Global Commodity Insights’ APPEC 2022 event, explores the interplay between energy transition and energy security, ranging over topics from oil and refining to carbon markets, sustainable shipping and hydrogen.

U.K. Utility Services Provider Fulcrum Alerts Market to Cyber Incident

U.K. multi-utility infrastructure and services provider Fulcrum notified the market Sept. 27 of a cyber security incident on its network after detecting unauthorized activity.

Foreign Banks Reap Higher Profits From Russian Units As Putin Closes Exit Route

For foreign banks still contemplating the future of their Russian operations, President Vladimir Putin's decree banning the disposal of such businesses has complicated matters. There is a silver lining: These subsidiaries are increasingly profitable.

Austria's RBI Keeps Russian Unit Options Open as Strong Ruble Drives Q2 Earnings

Raiffeisen Bank International AG is still weighing up the options for its Russian business and has not yet set a deadline for a final decision, CEO Johann Strobl said.

Banks Face Growing Regulatory Scrutiny Over Russia Export Control Violations

Regulators are raising expectations for banks' compliance programs amid concerns that lenders could be breaching U.S. export controls by financing the trade of equipment for military use in Russia through intermediary countries.

Markets Brace for Oil, Gas Demand Destruction as China Pursues Zero-COVID Policy

China's ongoing COVID crisis is one of the key events driving commodity markets.

Key China-Russia Oil and Gas Deals, Joint Projects and Energy Investments

Energy supply diversification to China has been at the core of Russia's eastern pivot, while Russian gas is central to China's energy diversification away from the Middle East and Australia.

Low-Priced Russian Urals Crude Cargoes Attract Chinese Buyers for June Deliveries

Several Chinese state-owned refiners have returned to the Russian spot market to buy May-loading Urals crude barrels, attracted by their record discount to Dated Brent, refining sources told S&P Global Commodity Insights March 22.

The Impact of Russia's Invasion of Ukraine: A Trade Finance Perspective- October Update

September and October witnessed significant new developments in the Russia/Ukraine conflict. The retreat of the Russian army from key towns and strategic locations in the Ukrainian east, the threat of nuclear weapon usage and the suspected sabotage of the Nord Stream 1 and 2 gas pipelines have all exacerbated tensions in the ongoing conflict.

EU Agrees Latest Package of Sanctions Against Russia Including Chemical Export, Import Bans

The European Council has adopted the EU's eighth package of sanctions against Russia announced by the European Commission late September.

New EU Sanctions to Include Russian Semi-Finished Steel Imports

The European Council has adopted its eighth sanctions package against Russia for its invasion of Ukraine, which expands its ban on the import of Russian steel products to include semi-finished steel, the European Commission said in an Oct. 6 statement.

Russian Seaborne Crude Exports Slide to 12-Month Low as EU Ban, Price Caps Loom

Russian seaborne crude exports fell to a 12-month low in September as European buyers continued to wind down purchases ahead of the introduction of sanctions, while surging flows into Turkey saw it become the third largest buyer of Moscow's oil behind China and India, according to tanker tracking data.

Oil Market Ponders Price Floor Amid Demand Destruction

Commodities show little sign of shaking the bearish momentum amid a slew of economic warnings across the globe. Whether the market wants to push oil much below $90/b amid potential OPEC output cuts, looming Russian sanctions, and the end of SPR releases is the big question. Demand destruction may be met by supply reduction.

Stress on Oil Markets to Factor into India's Position on Russia Oil Price Cap: Indian Official

Tight oil supplies and relatively high prices are weighing on India's ability to jump on board with US efforts to implement a global price cap on Russian crude, Indian External Affairs Minister Subrahmanyam Jaishankar said Sept. 27.

Russian Gas Flows to Europe Slide Further in October, Fall Below 2 Bcm

Russian gas flows to Europe slipped further in October, dropping below 2 Bcm for the month, an analysis of data from S&P Global Commodity Insights showed Nov. 2.

Russia's Novak Casts Doubt on Europe's Ability to Meet Peak Winter Gas Demand

Russia's Deputy Prime Minister Alexander Novak cast doubt Oct. 13 on Europe's ability to meet peak winter gas demand without Russian supplies, saying the situation for the European market this winter was "critical."

Norway Raises Emergency Level, Coordinating with Armed Forces Over Oil and Gas Drone Threat

Norway is coordinating with its armed forces, police, and oil and gas industry operators as it raises its "emergency preparedness" following sightings of unidentified drones near offshore oil and gas facilities in the North Sea, energy and petroleum minister Terje Aasland said Sept. 27 in an emailed statement.

Four Ukrainian Coal Mines Suspend Operations Late Oct 10 After Missile Strike

Four Ukrainian coal mines in Kryviy Rih suspended operations indefinitely on Oct. 10 following a Russian missile strike on the city, according to Oleksandr Vilkul, the head of the city's administration.

LME's Plans to Address Russian Metal Trade Seen Supporting Chinese Aluminum: Sources

The London Metal Exchange's plan to restrict Russia-origin metal entering its warehouses could be a pivotal point for Chinese aluminum prices, combined with support from domestic production situation and output cuts, industry sources said Oct. 10.

Geopolitics, Energy Costs, Shifting Trade Flows Put Italian Slab, Flat Steel Imports In Focus

Global geopolitics and economic sanctions have European steel rerollers looking for alternative sources of slab, forcing a persistent and long-term adjustment to trade flows that has decoupled the region from its traditional dependence on CIS area supply.

Ukraine Sunflower Seed Prices Rise Amid Harvest Delay

Ukraine sunflower seed prices have risen by up to 11% since the beginning of September due to delays in the harvest and reluctance from farmers to sell.

The Russia-Ukraine War Is Reshaping The Fertilizer Industry

The effects of the Russia-Ukraine war may reverberate through the global fertilizer industry for years to come. Post-COVID supply-chain disruptions had already pushed fertilizer prices to cyclical highs in 2021.

Russia Seeks Review of Ukraine's Black Sea Grain Exports Deal

Russian President Vladimir Putin Sept. 7 called for a review of the UN-brokered deal allowing Ukraine to export agricultural commodities from its Black Sea ports, triggering a spike in the price of corn and wheat futures.