Another year rife in uncertainties and price volatility has passed for the energy, raw materials and shipping markets. Let's look back at some of the key movers and shakers of the year with a selection of S&P Global Commodity Insights infographics, developed by our editors and analysts, and designed by our data visualization experts.
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Russia's invasion of Ukraine
Conflict in Ukraine following Russian troops launching attacks across international borders on Feb. 24, has had a major impact on prices of key commodities from oil and gas through to steel and grains. Europe is heavily reliant on gas and Urals crude via the Druzhba pipeline to refiners across the region.
Russia's invasion of Ukraine triggered an unprecedented wave of sanctions against Moscow which are still rippling through global commodity markets. In addition to official sanctions which continue to evolve, major self-sanctioning by industries looking to cut ties with Russia have deepened the market impact.
Click here to read key updates on the Russia-Ukraine war and its impact on commodities
US midterm elections' impact on energy policies
Republicans have narrowly regained control of the US House of Representatives, portending robust oversight of Biden administration energy regulators in the next congressional session. But a razor-thin majority could complicate efforts to pass legislation affecting the energy sector, amid divisions within the Republican Party and challenges bringing progressive Democrats on board. The outcome leaves Washington with divided government, after Democrats narrowly kept control of the Senate earlier in the week.
Click here to read key updates on the US midterm election and its impact on energy policies
Asia's response to managing gas shortages this winter
Asia's spot LNG procurement has nosedived since the Russian invasion of Ukraine, with the bulk of spot volumes diverted to Europe in the first half of 2022. India and China accounted for most of the decline in spot procurement, and price-sensitive importers like Bangladesh, Pakistan and Thailand are expected to be impacted by rising spot LNG prices this winter.
Read more: Energy in the new era
The explosive growth of China's electric vehicle sector
China has made adoption of electric vehicles a cornerstone of decarbonizing its transport sector. Despite headwinds such as removal of EV subsidies by year end and rising battery raw material prices, China's EV adoption rate is seen undented.
Read more: China decarbonization: Ironing out the snags
COP27 climate talks
With economic and energy supply pressures dominating political agendas, environmental policies have taken a back seat in 2022 in the run up to COP27 in Egypt. Few new climate commitments have been made despite calls for annual evaluation of national plans at COP26 in Glasgow.
Click here for more of our COP27 coverage
War and climate's impact on agriculture
The agriculture markets have been packed with headline-grabbing events, with extreme price volatility for all major grains and oil seeds in the last two years. The possibility of a continued La Nina is seen adding to the uncertainty. La Nina, Spanish for little girl, is a climate pattern having a varying impact on agriculture globally.
Russia's invasion of Ukraine sent agricultural commodities spiraling Feb. 24 following monthslong tensions in the Black Sea region that kept prices of key grains such as wheat highly volatile.
Click here for more S&P Global Commodity Insights Infographics