World commodity prices jumped to multi-year highs today as Russia launched a large-scale offensive against Ukraine, with prices reacting reflexively despite steady flows of Russian oil, gas and grain exports. and metals to the West.
Oil prices exceeded $ 100 a barrel for the first time since 2014, while gas prices in the United Kingdom and the Netherlands rose 30-40% and futures for wheat in Chicago jumped to a high of 9- 1/2 years.
At 12:40 Greek time, the price of Brent, delivered in April, recorded an increase of 8.78% to $ 105.34 per barrel. In New York, the price of a barrel of US crude, delivered in April, increased by 8.66% to $ 100.10.
The European reference price for gas, the Dutch TTF (Title Transfer Facility), was earlier set at 118.10 euros per megawatt hour (MWh), recording an increase of almost 33%.
Cereal prices reached levels record during their current trading on the European market, with wheat reaching the unprecedented price of 344 euros per tonne at Euronext.
Russia supplies 10% of world oil, one third Europe and together with Ukraine account for 29% of world wheat exports, 80% of sunflower oil exports and 19% of maize exports.
Russia is also a major producer of aluminum, nickel, platinum, palladium, uranium, titanium, coal, timber and fertilizers. Italy and Slovakia, as well as Germany and Poland, but the latter receive most of the Russian gas through other routes.
Russia today launched a large-scale offensive against Ukraine, by land, air and sea, the largest attack from one country to another in Europe since World War II.
Russia's state gas monopoly Gazprom has announced that supplies through Ukraine are normal and Ukraine has stated that its energy infrastructure has not been damaged. Austria has also said it normally receives gas supplies.
At least 10 oil traders at trading houses and major Western oil companies have said there is no interruption in Russian oil flows, including through the Black Sea. Russia, Kazakhstan, Azerbaijan and Turkmenistan transport about 2-3 million barrels a day, or 2-3% of global supplies to Black Sea markets.
Concerns about aluminum supplies from Russia have pushed aluminum to a record high of $ 3,449 a tonne, a 21% increase from the beginning of the year.
ΤΦ/ΑΠΕ-ΜΠΕ & # 8211; Reuters & # 8211; AFP