Russia’s move into Ukraine has the potential to affect not just oil and natural gas but several commodities, including palladium, nickel and wheat — all of which were moving higher Tuesday.
“Depending on the specifics of any proposed sanctions, should they be implemented, they could prove counterproductive,” he told MarketWatch. “If not thoughtfully constructed, the pain felt by Russia may be dwarfed by the inflationary pain the rest of the world could experience from rising commodity prices.”
Oil Both U.S. and global benchmark oil prices have recently touched their highest levels since about September 2014. Natural gas Germany on Tuesday took steps to halt the process of certifying the Nord Stream 2 natural gas pipeline from Russia, according to the Associated Press. With Germany effectively freezing the approval process for Nord Stream 2, S&P Global Platts Analytics is removing the pipeline from its forecast, as it was previously expected to start up in October 2022 of this year, said James Huckstepp, manager EMEA Gas Analytics at S&P Global Platts.
In Tuesday dealings, the most-active April platinum contract PLJ22 tacked on $10.10, or 0.9%, to $1,086.90 an ounce, trading more than 12% higher year to date. On Monday, nickel’s cash bid price was at $24,865 per metric ton, up 1.5% from Friday’s settlement. Aluminum’s bid price was at $2,685, unchanged from Friday, according to Dow Jones Market Data.
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