Market Movers Europe, Aug. 22-26: Nord Stream to shut down amid soaring energy prices and supply chain disruptions | S&P Global Commodity Insights

2022-10-02 06:17:59 By : Ms. Bella wu

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Market Movers Europe, Aug. 22-26: Nord Stream to shut down amid soaring energy prices and supply chain disruptions

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In this week's Market Movers Europe with Charles Thompson, Associate Editor for EMEA Aluminum, looking closely at Primary Aluminium and the 6060/6063 Billet markets:

As oil prices continue to drift lower, a drop in US crude inventories and the extreme heat in the Middle East, which is requiring more direct oil burn for power generation, are lending some support.

The market remains nervous about supply, but Libyan output seems to be stabilizing, while a deal with Iran seems tantalizingly close.

European gas prices are back at record highs amid concerns over supply shortages.

Most recently, Gazprom announced it would suspend Nord Stream gas flows from August 31 to allow for maintenance work on its remaining turbine.

Amid a cost-of-living crisis, UK energy regulator Ofgem is due to announce on Friday how much the energy tariff cap for domestic consumers will rise from October 1.

Black Sea spot grains markets are resuming business, with Ukraine's port of Odessa reopening for the first time since Russia's invasion.

Eight dry bulk vessels are expected to call at Odessa in the next seven days, with spot cargoes from most of the major grains trading houses entering the market.

Meanwhile, strikes at the UK ports of Felixstowe and Liverpool are expected to cause issues throughout Europe's logistics and supply chain sector, worsening congestion problems in the continent.

I'm Charles Thompson, thank you for kicking off your Monday with S&P Global Commodity Insights

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