“I am speechless” was the phrase said by an international financial market executive heard by Reuters to explain what is happening with the prices of metals, oil and gas commodities.
Natural gas was up more than 70% today, to the highest level in history, equivalent to US$ 600 a barrel of oil.
“No industry can operate at this energy price level,” said Roberto Attuch of Ohmresearch.
Wheat, up 7% this Monday (7), but accumulates a rise of 75% in the year. Here in Brazil, in Necton’s account, the appreciation of the real lowers this account to close to 55%.
A barrel of oil hit $139 last night. The trigger was US Secretary of State Antony Blinken’s call to “ban the import of oil from Russia.”
Ursula von der Leyen, President of the European Commission, reinforced: “nothing is off the table; we are preparing other measures”, without giving further details.
From Lithuania, where a meeting with foreign ministers from other countries is to take place, Blinken said that the fact that Russia conquers a city does not mean it will win the war.
As has always happened in situations of extreme uncertainty, the rapid correction in the financial market comes from price. There are many aggravating factors now, in an unprecedented set of measures and unprecedented repercussions.
Just over two years after the beginning of the pandemic, which paralyzed the world and created a very high level of uncertainty, analysts believe that it is not possible to make a comparison with the current situation.
“These are different scenarios. The impact of the pandemic came all at once. Since September we have been following the growth of tension in Ukraine. Of course, we never expected it to get where it has, but it wasn’t a scare. We expect a lot of common sense in the next measures because we all know that chaos is bad for business and the destruction of world demand can be absurd”, said Attuch.
For Mauro Morelli, from Davos Investimentos, the two events have characteristics of unpredictability. The difference is in the references to the logo of time.
“The pandemic is an event that happens every century. The war, unfortunately, is an event that we have been following for decades, it happened many times, including with Russia invading Georgia and Crimea. This is very serious, including from a humanitarian point of view, but we have some reference to deal with”, said the Davos economist.
Source: CNN Brasil
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