Markets

IEA chief Fatih Birol told an energy conference in Paris the agency will release more oil from stocks to ease surging fuel prices. His plan is a response to President Biden’s ban on imports of Russian oil and gas to the US. Crude oil fell by over 3% Wednesday in response to Birol’s statement. It… Continue reading Oil falls 3%, pulling back on the extended rally after the IEA says it might release more oil

Dow futures jumped 450 points Wednesday after the IEA signaled it could release more oil from stocks. Equity markets in Europe rallied alongside US stock futures, with the DAX up more than 5%. Brent crude fell 2% to around $125, losing grip on gains made after the US banned Russian oil imports. Loading Something is… Continue reading Dow futures jump 450 points in global stock rally after the IEA says it could release more oil from inventories

Fitch Ratings has cut Russia’s credit rating from B to C after the invasion of Ukraine. The downgrade reflects Fitch’s view that a sovereign default is ‘imminent’, it said Tuesday. Sanctions and plans to limit energy trade mean Russia might not pay some debt obligations, Fitch said. Loading Something is loading. Fitch Ratings is anticipating… Continue reading Fitch warns a Russian debt default is ‘imminent’ as it cuts the country’s credit rating again

Russian President Vladimir Putin has signed an order banning and restricting some exports and imports. Russia is a major exporter of commodities including oil, gas, wheat, and metals. Commodity prices have already surged due to Western sanctions over the war in Ukraine. Loading Something is loading. Russia President Vladimir Putin has signed an order banning… Continue reading Putin orders a ban on some Russian exports amid sweeping Western sanctions and US energy import restrictions

Tsingshan Holding Group was looking at an $8 billion trading loss after nickel prices soared, The Wall Street Journal reported Tuesday.  The company has assured creditor banks in China that its financial position is sound.  Russia’s war against Ukraine triggered a short squeeze on nickel, sending prices briefly above $100,000 a ton. Loading Something is… Continue reading A Chinese nickel titan is staring down an $8 billion trading loss as a short squeeze sends the metal soaring, new report says

Oil rose for a third day to hold around $125 a barrel, while European natural gas traded near record highs on Tuesday. Russia threatened to stop gas flows into Europe as the West mulled tougher sanctions. Commodities have surged as investors prepare for potential disruption to Russian raw material exports. Loading Something is loading. Oil… Continue reading Oil rallies for a 3rd day, while European natural gas prices trade just below record highs after Russia threatens to turn off the taps

Nickel briefly hit $100,000 Tuesday, as prices surged thanks to worries about the effect of sanctions on Russia. The London Metal Exchange suspended trading in the nickel market for the remainder of the day. Record price gains in the metal, used in stainless steel and EV batteries, are forcing short-sellers to cover their positions. Loading… Continue reading Nickel prices skyrocket 110% to top $100,000 a ton, prompting a trading halt after Russian sanctions trigger a big short squeeze

Global shares edged up Tuedsay, paring overnight losses in volatile trade, as commodities continued to surge. Russia warned of oil hitting $300 a barrel, and said it could cut off European natural gas supply if the West bans its energy exports. Nickel rose more than 100% to $100,000 a ton in minutes, reflecting the scale… Continue reading Global shares recover losses in volatile trade, as surging commodities fan fears of 1970s-style stagflation