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The essential perspective on global commodities
Energy security was not the overarching concern at China's biggest political meeting of the year, the "Two Sessions" or "lianghui". The main outcomes of these were a revamp of financial regulators, data security and responding to the US' "containment" of the Chinese economy. But this does not mean that energy security has become less important
Oil markets are in focus this week, with stakeholders looking out for the potential impact of the bank turmoil, China's demand rebound and the strengthening energy relationship between Beijing and Moscow. 1. OPEC, traders adopt wait-and-see approach as bank turmoil hits oil markets What's happening? The collapse of Silicon Valley Bank in the US and emergency takeover of Credit Suisse with the help of Switzerland's central bank have helped to push crude lower
Black Sea wheat and Australian crop traditionally compete for Asian demand when its marketing season begins every July. But the Russia-Ukraine war, which broke out in February 2022, halted wheat supplies from Black Sea into Asia. Despite the inception of the Black Sea Grain Initiative in July 2022, buyers have largely avoided Black Sea supplies for most of last year due to concerns over financing, execution risk and inspection delays
