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• Shell is already backtracking on its boycott of Russian oil
  On Tuesday, March 1, Shell was lauded for ...
  On Tuesday, March 1, Shell was lauded for cutting ties with Russian firms Gazprom and Salym Petroleum, and for ending its involvement in the Nord Stream 2 gas pipeline. “We are shocked by the loss of life in Ukraine, which we deplore, resulting from a senseless act of military aggression which threatens European security,” Shell CEO Ben van Beurden said at the time. “Our decision to exit is one we take with conviction.”
  

  That conviction lasted less than a week. By Friday (March 4), as the price spread widened between Russia’s Urals crude and Brent crude, the international benchmark for oil prices, Shell bought 100,000 metric tons at a record discount of $28.50 per barrel, according to a report from the Wall Street Journal.

  
  

  On Twitter, Shell confirmed that it would continue to buy Russian oil, citing a tight market and few alternatives for sourcing crude.

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• Natural gas prices in Europe hit the equivalent of $600 oil
  The price of natural gas in Europe hit an all-time high on March...

  The price of natural gas in Europe hit an all-time high on March 7, briefly touching €345 per megawatt-hour. That’s equivalent, in terms of British thermal units of energy, to oil prices of $600 per barrel. Late in the day, the price had settled back to about €190, still a record.

  
  

  Before the last 12 months—when the European gas market was rocked first by a compounding series of market trends and mishaps, and now by Russia’s invasion of Ukraine—the price had stayed roughly in the range of €15-25 per MWh for a decade.

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• Wheat continues surge toward all-time high as Russian invasion of Ukraine shuts down exports
  Wheat futures surged by their daily price limit again Monday, extending a relentless surge towards all-time...
  Wheat futures surged by their daily price limit again Monday, extending a relentless surge towards all-time highs and fanning fears of a global commodity shock as Russia’s invasion of Ukraine shuts off a crucial source of exports and threatens future production of the key food grain.
  
  Expect wheat (and thereby corn & rice) prices to continue to rise - aside from price increases, this will cause geopolitical instability in emerging markets (e.g. the last time there was a spike in wheat prices, the Arab Spring happened).
  
   
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• U.S. stocks start the week lower with oil increasingly volatile
  Stocks opened lower as investors continued to monitor developments around Russia's...
  Stocks opened lower as investors continued to monitor developments around Russia's invasion of Ukraine, tracking volatile action in crude-oil prices. The Dow Jones Industrial Average DJIA, fell 132 points, or 0.4%, to 33,483, while the S&P 500 SPX, fell 0.2% to 4,321 and the Nasdaq Composite COMP rose 0.3% to 13,349. Stock-index futures had fallen sharply in early activity as oil futures spiked, taking the U.S. benchmark briefly above $130 a barrel. Oil futures have since pulled back, with WTI futures CL.1 up 0.7% at $116.55 a barrel, with losses for stocks moderating.
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• EU Carbon Prices Get Trashed as Speculators Flee
  A wildly unpredictable macroeconomic outlook on the back of the Russia-Ukraine war,...
  A wildly unpredictable macroeconomic outlook on the back of the Russia-Ukraine war, coupled with spiking gas, coal, and power prices have triggered a mass exodus of speculators from EU ETS trading, sending European carbon prices into a tailspin, with the Dec ’22 currently assessed at €67 per metric tonne, down almost €30/mt week-on-week.
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