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Global crude benchmarks soared past the $100/b threshold March 1, while price discounts deepened for Russian oil, as traders sought alternative supplies amid Russia’s military invasion of Ukraine. The Platts Dated Brent benchmark jumped $9.72 to be assessed at $112.92/b, while American GulfCoast Select climbed $6.96 to be assessed at $104.71/b, according to data from […]

Russian iron ore miner and steelmaker Metalloinvest – which is also the world’s largest producer of hot-briquetted iron (HBI) – said March 1 that sanctions against one of its shareholders will not affect the company’s business. Fellow Russian steelmaker and miner Severstal said it is assessing potential effects from sanctions on its majority shareholder. On

Crude oil and refined products prices skyrocketed March 1 as front-month NYMEX WTI surged way past the $100/b threshold, with Russia oil barrels increasingly considered toxic amid the country’s military invasion of Ukraine. NYMEX April WTI shot up $7.69 to settle at $103.41/b — after trading as high as $106.78/b during the day — moving

Norway’s $1.3 trillion sovereign wealth fund will pull out of all investments in Russia because of its invasion of Ukraine, the Norwegian government said Feb. 27. Although the fund has since divested oil and gas holdings worldwide for environmental reasons, the move would mean pulling investments in companies such as Magnitogorsk Iron & Steel Works,

Clean freight rate loading on the US Gulf Coast to the Caribbean reached the highest level in 2022 Feb. 25, as traders rushed to fill a high-demand spot market after waiting out a tricky month roll that favored short-haul trips to ballast ships back to the Gulf Coast quickly for fresh cargo. Freight rates loading

Occidental Petroleum’s chemical division is considering an overhaul of some chlor-alkali plants to increase capacity to produce higher-value caustic soda, CFO Robert Peterson said Feb. 25. Speaking during the company’s Q4 2021 earnings call, Peterson said OxyChem is investing in a study regarding modernization of “certain” US Gulf Coast chlor-alkali assets to convert to membrane-grade

Crude prices settled lower Feb. 25 as concerns of near-term supply disruptions eased amid a lack of Western sanctions against the Russian energy sector. NYMEX April WTI settled $1.22 lower at $91.59/b and ICE April Brent fell $1.15 to $97.93/b. “Crude prices continue to drop as energy traders realize that War in Ukraine probably won’t

Key nonferrous metals largely gave back the previous day’s gains in London trading early Feb. 25, as market sources considered the sanctions to be imposed on Russia following its invasion of Ukraine less severe than expected. The sanctions announced by the US, European Union and the UK are seen unlikely to have any major impact

Iron ore pellet producer Ferrexpo said Feb. 25 it issued force majeure notices to some customers as logistics operations were disrupted following the invasion of Ukraine by Russia. Export activities at the Capesize terminal at Pivdennyi, in the Black Sea port of Yuzhny, have been temporarily suspended following notification from port authorities, Ferrexpo said in

Mexican steel service centers and distributors are concerned about experiencing another year of “plague of uncertainty,” with industrial and commercial operations notably lower compared with the previous year, Conadiac President Roberto Gutiérrez told S&P Global Platts. “We are concerned about our economy,” Gutiérrez said in an interview with Platts. Sales volumes in the distribution network