Explosive 50% jump for gas, exceeded $ 100 oil

LAST UPDATE 15:46

Oil, gas and gold prices are soaring after the generalized Russian attack on Ukraine, which has been going on since the morning.

The attack came after the Russian president’s speech to the Russian media, announcing the start of the operation, with the international community reacting immediately by condemning the invasion.

Fears of a general impact on supply will push prices up, while investors are turning to safe havens like gold in an effort to avoid higher-risk items.

In this climate, oil prices exceeded $ 100 for the first time since 2014, with gas recording an explosive rise.

In particular, Brent sees the April contract jumping by 8.5% or $ 8.2 with its price at $ 105 the barrel.

Similarly, the American WTI Arpili rises 8.3% or $ 7.7 and trades in $ 99.6 the barrel.

At the same time, with Russia being the largest gas supplier in Europe, the price has soared with an increase that exceeds 50%.

Specifically, the contract at the Dutch node (TTF) from 81 euros per megawatt hour that was yesterday is now traded on 134.7 euros.

On the contrary, gold, the preeminent safe haven for investment, is rising by 2.6% or $ 50 with its price at approx $ 1,960 the ounce, while further enhancing the silver it moves with + 3.27% to $ 25.5

The dollar, which is sometimes seen as a safe haven during times of geopolitical turmoil, is strengthening by 1.3% against the euro.

In general, the cost of everything from oil to cereals and metals has skyrocketed over concerns that commodity flows will be disrupted by the crisis in Ukraine.

This heralds new challenges for a global recovery already hampered by high price pressures and tightening monetary policy.

“Basically, there is no discounted scenario in the market because it is impossible to discount something completely. This is always the worst case scenario. Bad news is one thing. Bad news with virtually unknown results is another,” said analysts. IG Markets.

The escalation of Russia’s moves will lead to further moves to avoid risk and focus on safe assets, given that the situation will remain unstable with retaliatory measures by Western powers, say analysts at IG Asia Pte.

U.S. wheat and corn futures are also on the rise, while soybean futures are at their highest level since 2012, when Russian forces fired rockets into Ukraine and Russian troops invaded the southeast, raising concerns about the world.

Wheat prices are up for a third day, hitting a nine-year high as corn rises to an eight-month high.

“Increased tensions over Ukraine-Russia and considerable uncertainty about Russian supplies in the coming months have prompted traders to keep their grain in warehouses rather than send it abroad,” commodities analysts told ING.

With Russia and Ukraine accounting for 29% of world iron exports, 19% of world corn supplies and 80% of world sunflower exports, traders worry that any military involvement could affect crop movement and difficulties for importers to replace supplies from the Black Sea.

Indicatively it is reported that the May wheat contract is up 5.7%, the price of corn is up 4.7%, the May soybean futures is up 1.6%