🔹Moscow 🇷🇺 & Beijing 🇨🇳 are seeking to strengthen ties and remain committed to building a “multipolar” world, Chinese State Councilor Wang Yi said as China’s top diplomat met with Russia's FM S. Lavrov in Moscow. He also met with Nikolay Patrushev, the head of Russia’s Security Council & Russian President V. Putin.

🔹Wang confirmed that Beijing would continue to conduct an independent foreign policy based on “the spirit of mutual benefit.” China is seeking to “open new horizons in terms of further cooperation not just with Russia, but other countries as well.”

Last reported on this channel:

💠 Russian exports of discounted crude 🛢& fuel oil to China have jumped to record levels.

💠 Chinese refiners see refining profit margins jump 📈, due to discounts for Russian crude, re-routed from Europe to China.

💠 The share of trade between Russia & China in national currencies has reached roughly half of turnover (yuan- ruble).

💠 Chinese-owned supertankers 🚢 are shipping Russian Urals crude to China.

💠 Russian electricity 💡 supplies to China up 16% in 2022.

💠 The yuan's share of the Russian currency market has risen to as much as 45%, up from less than 1% at the start of 2022.

Video courtesy AZgeopolitics

🔹Ex-Moldovan 🇲🇩 President Igor Dodon has voiced concerns over a possible provocation against Transnistria by Ukraine 🇺🇦. Russia reported that the Kiev regime was plotting a provocation against Transnistria. Transnistria, a largely Russian 🇷🇺-speaking region, broke away from Moldova following the collapse of the Soviet Union in 1991.

🔹The pro-EU 🇪🇺 Moldovan gov't uses elements of transport & economic blockade of Transnistria. Moldovan officials ignored Tiraspol's repeated requests for negotiations. Transnistria says it is ready for a dialogue with Moldova at any level.

🔹Moldova’s gov't has begun to scrap several agreements signed within the Commonwealth of Independent States countries (Russia & other former soviet states). About 1,100 Russian troops are currently deployed to Transnistria as peacekeepers, keeping an eye on the ceasefire reached in 1992, & warehouses of weapons left over from the USSR.

Last reported on this channel:

💠 Feb 19th Moldovan protestors call for resignation of president Maya Sandu.

💠 Moldovan 🇲🇩 PM N. Gavrilita resigned & was replaced with an even more pro-EU PM. Moldova forced several Russian-language media outlets to shut down after not renewing their broadcasting licenses.

💠 Nov 28th, Protesters call for the resignation of the president & the gov't

💠 Nov 13th, 60,000 protestors marched, escorted by retired military.

💠 Oct. 30th, Stand-offs between Moldovans & police 🚓 grow violent amid protests.

💠 Oct. 23rd, police brutalities continued amid a breakout of protests.

💠 Oct. 16th, 50,000 protestors marched Weekend before 60,000 protested.

💠 Thousands protest high 📈 energy prices during Sep.

Video courtesy The Duran

🔹Molybdenum — which boosts the performance of alloys in pipelines, jet engines & power-generation turbines ⚙️ — surged 122% in the past year 📈 to 5,510 yuan ($799) a ton driven by a series of supply disruptions & growing demand from the renewables & military sectors.

🔹The silver-gray metal is typically extracted as a by-product of copper mining ⛏. Molybdenum has extremely high hardness, corrosion resistance, & the third-highest melting point (2,623°C) of all metals.

🔹For Freeport, a copper producer, a $5 change in molybdenum prices translates to $375 million in cash 💵 flow. This is is also a way for mining companies to fight inflation given byproduct revenues are deducted prior to calculating cash costs for the primary metal. Molybdenum price surge has also meant that some stainless-steel producers have already been forced to cut output.

🔹China 🇨🇳, one of the major molybdenum-rich countries, is the world’s biggest consumer & producer of the metal, contributing to 38% of the global supply in 2021. The metal has hit a 17 year high on the LME.

🔹The US 🇺🇸 special inspector general who has overseen aid to Afghanistan 🇦🇫 since 2012, & some House Republicans, warn of the need for closer oversight of the military & humanitarian aid to Ukraine.

🔹With more than $100 billion in U.S. weaponry & financial aid flowing to Ukraine in less than a year & more on the way, concerns about arms falling into terrorists' hands & dollars into corrupt officials' pockets are mounting.

🔹The Pentagon, for example, was "unable to provide end-use monitoring in accordance with DoD policy" in Ukraine. Ukraine 🇺🇦 has a history of corruption & ranks 116 out of 180 nations on Transparency International's Corruption Perceptions Index.

Last reported on this channel:

💠 Nigerian 🇳🇬President urges heads of neighbouring states to confront the issue of Western arms smuggling from Ukraine into Africa. Finland 🇫🇮 warns of weapons sent to Ukraine making their way to different countries criminal gangs.

💠 Weapons from NATO countries to Ukraine being sold on the dark web.

💠 Caesar self-propelled howitzers ($7 million each) sold by Ukrainians to Russia 🇷🇺 for $120,000 though an intermediary.

*Note: Infographic shows, U.S. financial support (not including vehicles or weapons) for Ukraine.

🔹Three separate fires 🔥 broke out on Feb. 23rd at different facilities operated by state-owned Mexican oil company Petroleos Mexicanos (Pemex). Fires were at the Tuzandépetl Strategic Storage Plant, in Ixhuatlán del Sureste & the Lázaro Cárdenas Refinery, Minatitlan, both in the Mexican 🇲🇽 state of Veracruz & Pemex's crude distillation unit at its Deer Park refinery in Texas, USA 🇺🇸.

🔹The fires come at a bad moment for Pemex, ahead of its earnings report on Feb. 27th. Pemex is currently the most indebted of all major oil 🛢 companies, with a total debt of $105 billion at the end of September, around $8 billion of which is due this year.

🔹The Mexican gov't already provided Pemex with about $45 billion in tax breaks, capitalizations & other financing since 2019. Two days before the fires, Pemex was negotiating with Goldman Sachs & JPMorgan Chase for at least $1 billion in financing. A month ago,

🔹Last week Pemex planned to pay its debt due for 1Q23 on its own, with no 🇲🇽 gov't help and without resorting to the emission of more debt in the market. Earlier in the month Pemex completed a $2bn bond sale, with investors demanding a double-digit yield to lend to the heavily indebted co. Pemex's bonds were taking a hit on the market in January.

🔹Tens of thousands of Germans 🇩🇪 braved the elements today (Feb. 25th) to attend the Uprising for Peace, a massive rally organized by Die Linke politician S. Wagenknecht & author Alice Schwarzer. The demonstrators massed at the Brandenburg Gate, calling for peace talks to end the conflict in Ukraine 🇺🇦 & demanding Berlin cease supplying Kiev with weapons.

🔹She also criticized defense industry lobbyists in the gov't & FM A. Baerbock, whom she accused of "trampling on the international arena like a bull in a china shop" and having "so little control over what she says publicly that she has mistakenly declared a war on Russia."

🔹Police mobilised 1,400 officials to keep 'order' & to enforce bans on military uniforms, Russian & Soviet flags 🇷🇺 & Russian military songs. Protesters carried banners reading: ‘Helmets today, tanks tomorrow, the day after tomorrow your sons”, Diplomats instead of grenades”, “Stop the Killing” & “Not My War, Not My Government”.

🔹Russia 🇷🇺 has halted supplies of oil to Poland 🇵🇱 via the Druzhba pipeline, Poland’s state-controlled oil refiner PKN Orlen claimed. Poland intended to halve Russian oil imports via the Druzhba pipeline this month after PKN Orlen decided not to renew a contract with Russia's Rosneft, that ended last month.

🔹Orlen's contract with Tatneft, which was concluded for 200,000 tons of oil 🛢per month, expires in December 2024. Oil via the Druzhba has been exempted from EU sanctions imposed on Russia. The halt in supply comes one day after the EU 🇪🇺 agreed on a 10th package of sanctions on Russia.

🔹Orlen claims 90% of the crude oil it refines at its refineries now come from suppliers other than Russia. Orlen said it could fully supply its refineries via sea 🚢. The other contract with Russia's Tatneft accounted for the rest of Russian oil imports via the Druzbha.

Last reported on this channel:

💠 Kazakhstan’s 🇰🇿 Kaztransoil applied to Russia's 🇷🇺 Transneft to transport Kazakh oil through Russia's section of the Druzhba pipeline to Germany.

💠 Poland 🇵🇱 to supply re-sold sea borne Kazakh oil to Germany so as to cut Russian supply.

💠 Oil leak on the Druzhba pipeline in Poland temporarily cuts oil to Germany 🇩🇪.

💠The German gov't confiscates Russia's state-owned Rosneft's German assets in order to keep the PCK Schwedt refinery 🏭 (which receives crude from the Druzhba pipeline).

🔹The German 🇩🇪 gov't is negotiating with the Nord Stream 2 AG consortium based in Switzerland🇨🇭(Russia's 🇷🇺 Gazprom being a 51% shareholder) about the use of 3000 unused pipes that was remaining from the construction of NS 2. Germany wants the pipes to connect a new import terminal for LNG off the island of Rügen.

🔹During a U.N. 🇺🇳 Security Council meeting Denmark 🇩🇰, Germany & Sweden 🇸🇪 said Investigations into explosions on the Nord Stream gas pipelines have not yet concluded. Russia, has asked the council for an independent inquiry & for Sweden to share it's findings thus far.

🔹Hungary's 🇭🇺Foreign Minister Péter Szijjártó (video) says the UN should give the framework for the investigation into the sabotage of the pipelines.

🔹Famed journalist & Pulitzer prize winner Seymour Hersh's, bombshell article revealing the US 🇺🇸 blew up the pipelines as part of a covert operation under the guise of the BALTOPS 22 NATO exercise has been labeled a 'conspiracy theory' by western media.

Video courtesy AZgeopolitics

🔹More Asian countries, such as Indonesia 🇮🇩 & the UAE 🇦🇪, are showing interest in using the 🇮🇳 Indian Rupee as a trading unit, potentially reducing dependence on US dollars 💵.

🔹The Reserve Bank of India 🇮🇳 (RBI) last July introduced Rupee payments for global trade, especially with Russia. India and Singapore launched the cross-border linkage that used respective payment systems - Unified Payments Interface (UPI) & PayNow - for transaction settlement.

🔹On Feb. 27th, the RBI was likely selling dollars via public sector banks to prevent the rupee from falling below 83 to the dollar. Dollar purchases by Indian importers for delivery beyond the spot date dropped this month.

🔹The RBI's intervention has helped the rupee sidestep a large part of the selloff in Asian currencies fuelled by the higher repricing of the U.S. 🇺🇸 Federal Reserve's terminal rate.

Last reported on this channel:

💠 Indian refiners have begun paying for most of their Russian 🇷🇺 oil purchased via Dubai-based traders in UAE dirhams instead of USD.

💠 India & UAE 🇦🇪 discuss non-oil trade in rupees.

💠 India & Saudi Arabia 🇸🇦 discuss the feasibility of institutionalising Rupee-Riyal trade, & introduction UPI & Rupay cards in the kingdom. India's Yes Bank & Russia’s Petersburg Social Commercial Bank have taken the lead in facilitating bilateral trade between both the countries.

Video - Dr. Ankit Shah

🔹A report from the Institute of International Finance & others shows shortcomings of the G7 price cap on Russian 🇷🇺 oil. The cap has not stopped Moscow from shipping its crude at near-record volumes & at prices well above the $60 cap set by Western leaders in December '22.

🔹Around half of Russian crude is now estimated to be sold via its growing "shadow fleet" 🚢 of off-book tankers. Export volumes increased in the four-week period following the price cap's implementation on Dec. 5, averaging around 3.27 million bpd.

🔹Tunisia 🇹🇳 & Morocco 🇲🇦accused of blending Russian oil & refined products which are sold to the EU. First shipment of Russian oil to (oil-exporter) Ghana 🇬🇭 in 5 years. 7.32 million bpd of crude oil was exported from Russia in Feb., on par with that exported in Dec. after the imposed price cap.

🔹Indian 🇮🇳 buyers of Russian oil may be deterred as a result of excessive sanctions-related paperwork to prove they are complying with the price cap. The checks are slowing down transactions for importers.

Last reported on this channel:

💠 Russia cuts oil 📉 production in March by 500,000 bpd.

💠 Russian exports of discounted crude 🛢& fuel oil to China have jumped to record levels.

💠 Oman 🇴🇲 & the UAE 🇦🇪, imported more Russian oil in the first 10 months of 2022 than in the previous 3 years combined.

💠 Russia is now transporting more of it's own crude on its own tankers 🚢.

💠 Chinese refiners see refining profit margins jump, due to discounts for Russian crude, re-routed from Europe.

💠 India now buying thirty-three (33) times more 📈 Russian oil than a year earlier.

💠 Chinese 🇨🇳-owned supertankers are shipping Russian Urals crude to China.

🔹Belarus 🇧🇾 invites China 🇨🇳 to set up joint ventures & develop closer cooperation, Belarusian President A. Lukashenko said as he met with Chinese President Xi Jinping in Beijing. The joint ventures include machine tool engineering, electric transport, & production of agricultural machinery parts both in Belarus & in China.

🔹He also reaffirmed his support for China's initiatives in international security & development. President Lukashenko referred to Belarus's 🇧🇾 Great Stone Industrial Park (GSIP) as the pearl of the 🇨🇳 Silk Road as he met with Premier of the State Council of the PRC Li Keqiang. (The GSIP is a free economic zone coupled with unique tax & legislative advantages.)

🔹Both countries adopted a joint statement on the main principles of developing exemplary relations of all-weather & comprehensive strategic partnership. MoU's were signed around diplomatic & scientific cooperation, construction, tourism, medical, economic & trade development between both countries.

🔹President Lukashenko confirmed continued support to Beijing on issues related to Xinjiang, the South China Sea, Hong Kong 🇭🇰v& Taiwan 🇹🇼 as he met with Chairman of the Standing Committee of the National People's Congress Li Zhanshu. He said both countries are on the same page regarding the multipolar world order.

Video courtesy CGTN

🔹Japan 🇯🇵 imported 747,706 barrels of Russian Sakhalin Blend crude in January, marking the first import of Russian crude oil in eight months. Refiner Taiyo Oil said the cargo was part of the remainder crude volume from its 2022 term contract.

🔹Japan's crude oil imports from the Sakhalin 2 project are exempted from the G-7/EU price cap as it considers it a matter of energy security. The country views it essential for the Sakhalin Blend crude from the Sakhalin 2 project to continue to flow so as to prevent a suspension of LNG 🚢 production from the same project.

🔹LNG supply from Sakhalin 2 accounts for roughly 9% of Japan's total LNG imports. Major trading companies are maintaining their involvement in the Sakhalin-1 & Sakhalin-2 oil & gas extraction projects in Russia’s 🇷🇺 Far East.

🔹Fumiya Kokubu, chairman of the Japan Foreign Trade Council Inc., said, maintaining involvement in Sakhalin was “the right choice, even if we look back now on the events that have transpired.”

Last reported on this channel:

💠 Japan 🇯🇵, backtracks on sanctions, & remain involved in Sakhalin-1.

💠 Sakhalin-1, will be transferred to a local entity. The same was done for the Sakhalin- 2 earlier.

💠 Japan in discussions with local refineries to buy oil from Sakhalin-2.

💠 Russia is selling LNG 🚢 from the Sakhalin-2 project at a 50% discount & the operating company, is still making a profit.

💠 Moscow 🇷🇺 approved Japan’s Mitsubishi participation in the Sakhalin-2 LNG project. Tokyo Gas & JERA signs long term LNG contracts.

🔹Italy's 🇮🇹 consumer price index rose 10.0% in Jan. '23 year-on-year following an 11.6% increase in Dec. '22. Core inflation that excludes prices of energy & unprocessed food climbed to 6.0% from 5.8%.

🔹Fresh food prices grew 8.0% after a 9.5 percent increase in Dec. '22. Italian Feb. manufacturing index improved & came in at 52.0, up from 50.4 in Jan.

🔹Italy projects a drop 📉 of 37% in production of olive oil this season. Producers have warned of rising prices ever since the drought last summer.

🔹Households in northern Italy could face having their tap 💧water supply limited in the coming months after dry weather led to a winter drought where only half of the average amount of snow fell.

🔹Italy is threatening to block an EU 🇪🇺 2035 ban on new combustion-engine cars, claiming such a plan “makes no sense” & puts thousands of jobs at risk.

Last reported on this channel:

💠 Azerbaijani 🇦🇿 gas via the Trans-Adriatic Pipeline saves Italy from de-industrialization.

💠 Russia's Lukoil 100% subsidiary, Litasco S.A., agreed to sell it's Italian 🇮🇹 ISAB refinery (Europe's 5th largest refinery).

💠 Italian farmers 🚜 protest new EU regulations geared to reduce nitrogen fertilizer use after Italy faced a severe drought in summer 2022.

Video courtesy PressTV

🔹Russia's 🇷🇺 FM S. Lavrov held talks with his Indian 🇮🇳 counterpart S. Jaishankar during his visit to attend the G20 Foreign Ministers’ meeting in New Delhi. The ministers exchanged views on current matters in Russia-India relations in a trust-based spirit & emphasised the mutual goal of enhancing coordination in the UN 🇺🇳, SCO, BRICS & the G20.

🔹US 🇺🇸 Secretary of State A. Blinken spoke with FM Lavrov for less than 10 minutes, & called on Russia to reverse the decision to suspend its participation in the New START treaty

🔹Chinese 🇨🇳 FM Qin Gang & FM Lavrov met on the sidelines regarding China's stance on the political settlement of the Ukrainian crisis.

🔹Türkiye's 🇹🇷FM M. Cavusoglu met with FM Lavrov and confirmed they will not join unilateral sanctions against Russia. Normalization of Turkish-Syrian ties was also discussed.

🔹Brazil's 🇧🇷 FM Mauro Vieira met with FM Lavrov & reaffirmed both countries strategic partnership & discussed the schedule of bilateral contacts at various levels in detail.

🔹FM Lavrov reaffirmed that Russia supports the establishment of independent payment systems & the expansion of payments in national currencies within BRICS, SCO & EAEU.

Video courtesy India Today. (India's FM at press conference post G20 meeting)

🔹Russia 🇷🇺 states that the July 2022 grain deal isn’t working as the West sabotages the execution of the Russian part of the agreements. The West needs to stop playing the food card on the international stage, spreading false information.

🔹The lion’s share of grain from Ukraine 🇺🇦 goes to the EU 🇪🇺 for animal feed at dumping prices, not to the poorest countries. Only 2.6% of Ukrainian grain went to countries needing food the most.

🔹Kiev continues to block the resumption of the work of the ammonia pipeline from Togliatti to Odessa, which is a conditionality of the grain deal. The ammonia fertilizer pipeline is required to export much needed Russian fertilizer to Africa, Latin America & the global south.

🔹The US 🇺🇸 & its allies have said their sanctions do not include Russian food and fertilizer – but they have banned all Russian ships 🚢 from docking in their ports or accessing insurance & brokerage service.

🔹Türkiye's 🇹🇷 FM M. Cavusoglu was told as he met with FM Lavrov that the grain deal could only be extended with the interests of Russian producers of agriculture products & fertilizers taken into consideration.

Last reported on this channel:

💠 Russia 🇷🇺 resumes participation to the Black Sea grain deal after guarantees lifting restrictions on Russian exports of food & fertilizers.

💠 Russia suspends grain deal after ships in the Black Sea were attacked by Ukraine.

💠 Grain 🌾 deal hypocrisy by western countries, exposed.

💠 Chairman of the African Union visits Russia & asked President Putin for help with solution to food crisis in Africa.

💠 Grain deal signed with safe routes 🚢 made in Black Sea. Previous deal was botched by Ukraine.

🔹Iran 🇮🇷 has announced the discovery of its first lithium ore deposit amid extensive exploration activity in the country’s metals and mining sector. The deposit contains some 8.5 million MT of lithium ore making it the world's 2nd largest reserve with Chile being the largest with reserves of 9.3 million MT (Chile is the world's 2nd largest producer after Australia).

🔹 Chile's 🇨🇱 lithium producer SQM, posted Q4 net profit more than triple that of a year earlier.

🔹China 🇨🇳 continues clamping down on illegal lithium mining over environmental concerns. This will affect global supplies.

🔹 West Australian 🇦🇺 lithium producer, Bald Hill, faces accusations it has dodged state mining royalties while shifting its profits to China

🔹Russia's 🇷🇺 only lithium producer, TVEL is fulfilling all its foreign lithium supply contracts despite sanctions.

Previous lithium posts on this channel:

💠 Mexican 🇲🇽 President signed a decree handing over responsibility for lithium reserves to the energy ministry.

💠 Canada 🇨🇦 ordered three Chinese companies divest their investments in Canadian lithium & critical minerals.

💠Report on the vast resources needed to be mined for an EV 🚙 which is clearly unsustainable.

💠 Lithium carbonate, hit a new record high in China during September.

💠 Lithium mining pollution and the growing scarcity.

💠 Zimbabwe 🇿🇼 lithium reserves & China investment.

🔹Farmers from Belgium's 🇧🇪 northern region of Flanders drove thousands of tractors into Brussels today, March 3rd, in a protest against a new regional government plan to limit nitrogen emissions. Police estimated the number of tractors 🚜 clogging the streets of Brussels at 2,700. Many were decorated with big signs reflecting the farmers' anger.

🔹Agricultural organisations said in a joint statement that the nitrogen agreement as it now stands "will cause a socio-economic carnage". The planned move to limit emissions in Flanders has caused a crisis within the Flemish regional gov't that was not resolved during 16 hours of talks earlier this week.

🔹The two most significant barriers remaining to the agreement are the so-called external offsetting - whereby a farmer can (partially) take over the emission rights of another farmer if the latter stops or significantly reduces his livestock 🐄 - and the alignment of standards for agriculture & industry.

🔹For the farms previously on the red list, the mandatory closure date would move up to 2026. If the farms concerned make no effort to turn orange, they must close by 2030. The 🇧🇪 Flemish Agriculture minister outlines a framework linked to €1.6 billion in EU 🇪🇺 subsidies in order to close down farms.

🔹Netherlands 🇳🇱 Nature Minister, Christianne van der Wal, said the Netherlands will be forced to choose between agriculture or building new infrastructure if it is to meet its climate targets unless the farming sector cuts nitrogen emissions. The Netherlands is the world’s 2nd-largest agricultural exporter by value after the US 🇺🇸.

🔹Dutch farmers 🚜 are furious after being warned their gov't could take their farms off them unless they step in line with "voluntary" farming measures to hit EU 🇪🇺 pollution targets.

🔹The gov't plans a set target of a possible 41% cut for agriculture by 2030. Since a 2019 supreme court decision, no more permits to emit nitrogen could be issued because the country had breached EU nature protection laws.

Last reported on this channel:

💠 Dutch farmers protest end in clashes with police 🚓 & arrests.

💠 The Dutch gov't plans to buy & close down, up to 3,000 farms near environmentally sensitive areas.

💠 🇳🇱 Farmers Defence Force, representing 8 agro-organisations, (95% of the industry), locked out of the 1st round of negotiations.

💠 Protests previously erupted over the gov't's draconian nitrogen oxides curbing plan.

💠 Gov't policy will result in the destruction of meat/diary farming 🐂 🐄 in The Netherlands.

💠 Dutch 🚜 farmers have been resilient in not backing down.

💠 Netherlands plan to implement CO2 emission social credit scheme.

Video courtesy Big Picture.

🔹Reports reveal that the Nord Stream gas pipelines are set to be sealed up & mothballed as there are no immediate plans to repair or reactivate them. Russia's 🇷🇺 Gazprom has said it is technically possible to repair the ruptured lines, but deteriorating relations with the West is not making such an attempt feasible. Russian stakeholders may be considering conservation.

🔹During a U.N. 🇺🇳 Security Council meeting Denmark 🇩🇰, Germany & Sweden 🇸🇪 said Investigations into explosions on the Nord Stream gas pipelines have not yet concluded. Russia, has asked the council for an independent inquiry & for Sweden to share it's findings thus far.

🔹Hungary's 🇭🇺FM P. Szijjártó says the UN should give the framework for the investigation into the sabotage of the pipelines.

🔹Famed journalist & Pulitzer prize winner Seymour Hersh's, bombshell article revealing the US 🇺🇸 blew up the pipelines as part of a covert operation under the guise of the BALTOPS 22 NATO exercise has been labeled a 'conspiracy theory' by western media.

Video courtesy CGTN

🔹USA 🇺🇸- Another Norfolk Southern non-passenger train 🚂 derailed near a highway in the Springfield, Ohio today (March 4th). The derailment occurred near State Route 41 & Gateway Boulevard near the Clark County Fairgrounds.

🔹20 cars 🚃 of a 212-car train derailed. The railway company,Norfolk Southern claim there were no hazardous materials aboard the train, and there were no reported injuries.

🔹Emergency personnel and hazmat crews responded to the train derailment. 1,500 residents are without power 💡 due to downed power lines. The Clark County Emergency Management Agency has issued a shelter-in-place for all residents living near a train derailment.

🔹Exactly one month ago, a train 🚂 carrying over 20 different hazardous chemicals in 150 cars derailed in the village of East Palestine, Ohio.

Video source: rawsalerts Twitter

🔹Exports via a bi-directional pipeline interconnector, which delivers natural gas to mainland Europe from the UK 🇬🇧 through Belgium 🇧🇪, have been shut due to an equipment failure. The interconnector between gas terminals at Bacton in the UK & Zeebrugge in Belgium is halted until March 8th due to an equipment failure at the Bacton Terminal.

🔹Flows from Britain (gas source origin - Norway) already fell last week as a late-winter cold snap boosts the country’s domestic demand for the fuel. The interconnector provides 20 bcm/yr of UK export capacity and 25.5 bcm/year of UK import capacity.

🔹The Dutch TTF natural gas spot price have largely dropped 📉 in 2023, hovering around 45 euros per MWh. This is a huge correction compared to a spike Aug. 2022 when the price crossed 230 euros (high market speculation was at play).

🔹The partial restart of the US 🇺🇸 Freeport LNG 🚢 export terminal has been a factor in correcting natural gas prices. The EU's gas price cap presently set @ 180 euros/MWh is quite pointless at this level. Will this low TTF spot price be reflected in UK/EU domestic energy bills? It is yet to be seen. Levy taxes, carbon emission permit costs, increasing operating costs & market speculation continue to be a driver for higher energy prices despite low natural gas costs at the moment.

🔹Note: Prior to 2022, Europeans were not buying gas from Russia at the TTF spot price, but term contracts which were much cheaper than the spot price.