NEWSLETTER
Thursday / September 29Sep 29
Wednesday / March 2
Kyiv under attack
Russia warned residents of Kyiv to flee their homes on Tuesday. In a change of tactics, the Russian commanders intensified their bombing of urban areas of Ukraine after the cessation of their six-day offensive, raining rockets on the city of Kharkov.
A miles-long armored contingent advancing towards the capital, Kyiv, has made no progress in the past 24 hours, has remained in place due to logistical problems, is running short of fuel and food, and perhaps paused to reassess tactics, a US official said.
The Russian Ministry of Defense said that its forces will hit targets used by the Ukrainian security service and communications sites in Kiev. It warned residents near such places to leave their homes, but did not disclose where these targets were located in the city of three million. Speaking at the heavily guarded government building in Kiev, President Volodymyr Zelenskyy said Russia must "stop bombing people first" for peace talks to progress.
Oil
The United States and other member states of the International Energy Agency (IEA) agreed on Tuesday to release 60 million barrels of oil from their reserves to make up for supply cuts after Russia's invasion of Ukraine.
The Russian oil trade is in turmoil after several countries have imposed sanctions on Russian companies, banks and individuals. The oil trade is sanction-free, but buyers unknowingly avoid Russian oil to avoid violating sanctions.
The development from the IEA failed to stop the rally in crude oil futures as investors price the cut in supply. Brent crude rose $7 a barrel to close at $104.97, the highest level since 2014.
The US Department of Energy said after an extraordinary ministerial meeting of 31 IEA members, mostly representing industrialized countries, half of the planned emissions will come from the US.
IEA Executive Director Fatih Birol said the current situation in the energy markets is "very serious and demands our full attention". "Global energy security is under threat and putting the world economy at risk at a fragile stage of recovery."
Japanese industry minister Koichi Hagiuda also noted that some IEA members have agreed to supply petrochemical products to Ukraine.
Further interruptions in exports from Russia could push prices higher. Describing its actions in Ukraine as "special operations", Russia exports around 4-5 million barrels (bpd) of crude oil per day. Russia also exports 2 to 3 million barrels of fuel per day.
Wheat prices
Wheat price climbed to highest levels in more than a decade on Tuesday as traders worried about global supply disruption as Russia's invasion of Ukraine progressed.
A convoy of Russian military vehicles is approaching the Ukrainian capital, Kyiv, according to satellite images taken Monday.
In Chicago, wheat futures were up 5.35% at 984 cents per bushel at session highs on Tuesday. This is the highest price since April 4, 2008, when wheat rose to 985.5 cents per bushel.
According to JPMorgan, Russia is the largest exporter of wheat, and Ukraine is among the four largest exporters.
According to Bank of America, 17% of the 207 million tons of international wheat trade comes from Russia and 12% from Ukraine.
Corn futures also rose 5.07% on Tuesday, closing at 725.75 cents per bushel, the highest since May.
US stocks
U.S. stocks slumped on the first day of March as oil prices soared and investors continued to watch the war between Russia and Ukraine.
The Dow Jones Industrial Average closed at 33,294.95, down 597.65 points, or 1.76%. The S&P500 slumped 1.55% to 4,306.26 and the Nasdaq Composite Index fell 1.59% to 13,532.46.
Russia's continued aggression towards its neighbor has pushed up energy prices. West Texas Intermediate crude futures rallied on Tuesday to over $106 a barrel, hitting a seven-year high.
Bank of America tumbled 3.9%, Wells Fargo 5.8% and Charles Schwab nearly 8%.
Russia warned residents of Kyiv to flee their homes on Tuesday. In a change of tactics, the Russian commanders intensified their bombing of urban areas of Ukraine after the cessation of their six-day offensive, raining rockets on the city of Kharkov.
A miles-long armored contingent advancing towards the capital, Kyiv, has made no progress in the past 24 hours, has remained in place due to logistical problems, is running short of fuel and food, and perhaps paused to reassess tactics, a US official said.
The Russian Ministry of Defense said that its forces will hit targets used by the Ukrainian security service and communications sites in Kiev. It warned residents near such places to leave their homes, but did not disclose where these targets were located in the city of three million. Speaking at the heavily guarded government building in Kiev, President Volodymyr Zelenskyy said Russia must "stop bombing people first" for peace talks to progress.
Oil
The United States and other member states of the International Energy Agency (IEA) agreed on Tuesday to release 60 million barrels of oil from their reserves to make up for supply cuts after Russia's invasion of Ukraine.
The Russian oil trade is in turmoil after several countries have imposed sanctions on Russian companies, banks and individuals. The oil trade is sanction-free, but buyers unknowingly avoid Russian oil to avoid violating sanctions.
The development from the IEA failed to stop the rally in crude oil futures as investors price the cut in supply. Brent crude rose $7 a barrel to close at $104.97, the highest level since 2014.
The US Department of Energy said after an extraordinary ministerial meeting of 31 IEA members, mostly representing industrialized countries, half of the planned emissions will come from the US.
IEA Executive Director Fatih Birol said the current situation in the energy markets is "very serious and demands our full attention". "Global energy security is under threat and putting the world economy at risk at a fragile stage of recovery."
Japanese industry minister Koichi Hagiuda also noted that some IEA members have agreed to supply petrochemical products to Ukraine.
Further interruptions in exports from Russia could push prices higher. Describing its actions in Ukraine as "special operations", Russia exports around 4-5 million barrels (bpd) of crude oil per day. Russia also exports 2 to 3 million barrels of fuel per day.
Wheat prices
Wheat price climbed to highest levels in more than a decade on Tuesday as traders worried about global supply disruption as Russia's invasion of Ukraine progressed.
A convoy of Russian military vehicles is approaching the Ukrainian capital, Kyiv, according to satellite images taken Monday.
In Chicago, wheat futures were up 5.35% at 984 cents per bushel at session highs on Tuesday. This is the highest price since April 4, 2008, when wheat rose to 985.5 cents per bushel.
According to JPMorgan, Russia is the largest exporter of wheat, and Ukraine is among the four largest exporters.
According to Bank of America, 17% of the 207 million tons of international wheat trade comes from Russia and 12% from Ukraine.
Corn futures also rose 5.07% on Tuesday, closing at 725.75 cents per bushel, the highest since May.
US stocks
U.S. stocks slumped on the first day of March as oil prices soared and investors continued to watch the war between Russia and Ukraine.
The Dow Jones Industrial Average closed at 33,294.95, down 597.65 points, or 1.76%. The S&P500 slumped 1.55% to 4,306.26 and the Nasdaq Composite Index fell 1.59% to 13,532.46.
Russia's continued aggression towards its neighbor has pushed up energy prices. West Texas Intermediate crude futures rallied on Tuesday to over $106 a barrel, hitting a seven-year high.
Bank of America tumbled 3.9%, Wells Fargo 5.8% and Charles Schwab nearly 8%.
