Crude has swung within a $15 band in the last three weeks as the market weighs the hit to demand from China’s covid wave against supply concerns stemming from bans on Russian crude.
Russia and Belarus account for about 40% of global potash output and exports, and sanctions and other restrictions imposed on the countries have “significantly constrained supply.”
European leaders promised to scale up the continent’s renewable-power capacity while reducing imports of Russian gas, but words move faster than permits.