Food inflation has taken hold across the world. In places like America and Europe, food prices were up by more than 10% y/y in December. Nonetheless, the situation seems to be improving. Wheat prices have eased considerably off the highs seen in the initial months following Russia's invasion. Food inflation in m/m terms is already showing signs of a slowdown. The grain deal, which came into effect last August, is clearly having an impact. Ukraine managed to ship 4.75 Mt in total seaborne wheat tonnage through the final five months of the year.
Nigeria LNG continues to operate its 22.2 mtpa plant on Bonny Island at a reduced rate as a force majeure declared in October on upstream supplies remains in place.
The share of global LNG in the European Union’s gas import mix rose to unprecedented levels in 2022 as the bloc increasingly relies on LNG to replace most of the lost Russian pipeline supplies.
Amidst the sanctions omposed to Russia by the United States and Western allies, increased attention has been placed on Russian crude flows, especially on the reshuffling of their voyages and potential diversions or distressed cargoes. At Kpler, the market data analyst team uses a combination of proprietary data, tracking algorithms, market information, port reports and a robust methodology to track these evolving flows.
A few laden Yamal LNG-chartered vessels that were earlier signalling their arrival at ports in France and Spain are waiting for orders to sail to new destinations suggesting a pre-emptive move by Yamal LNG ahead of a possible ban by the EU on Russian ships entering its ports.
In this update Alex Booth, Kpler's Head of Research comments on the developments through the day in Ukraine and the potential market and geopolitical ramifications.
German Chancellor Olaf Scholz has put on ice the certification of the new Nord Stream 2 pipeline following President Putin’s decision to order troops into the Donbas region of Ukraine on “peacekeeping duties”.
No matter the upcoming election's outcome in Lybia, continued friction between the warring factions controlling the oil industry means higher production will likely remain elusive.