AAL

MARKET MOVEMENTS:

-- Brent crude oil is 0.3% lower at $81.91 a barrel.

-- European benchmark gas rises 2.1% to EUR58.13 a megawatt hour.

-- Gold futures are down 0.4% at $1,924 a troy ounce.

-- Three-month copper is 0.6% higher at $9,091.50 a metric ton.

-- Wheat futures are down 0.7% at $7.56 a bushel.

TOP STORY:

Europe Cuts Addiction to Russian Energy, Yet Fuel Scramble Continues

Europe's dependence on Russian energy is drawing to a close, ending a decadeslong power imbalance and leaving the continent racing to squirrel away fuels and find alternative supplies.

The final act of separation: On Sunday, the European Union and the U.K. will bar imports of Russian fuels such as diesel and gasoline. The move follows a ban on Russian crude imports in December. Coal imports stopped last summer. Natural-gas flows from Siberia, once the lifeblood of European industry, have dwindled.

Taken together, the moves have allowed Europe to wean itself from Russian energy almost entirely in less than a year since the invasion of Ukraine. The flow of Russian gas through pipelines to the EU and U.K. last month was almost 90% lower than in January 2021, according to commodities data firm ICIS.

OTHER STORIES:

Food Prices Declined for Tenth Month in a Row in January, says UN

Food prices have fallen for the tenth month in a row, as higher exports of wheat from Russia and Australia ease inflationary pressures, a report published Friday by the Food and Agriculture Organization of the United Nations said.

The FAO's food-price index, a closely watched barometer of global food prices, averaged 131.2 points in January 2023, down 1.1 points or 0.8% from December's reading. Prices are now down 17.9% from the peak in March 2022, when the index hit an all-time high of 159.7 points following Russia's invasion of Ukraine.

The U.N. body said that much of the easing had been led by lower wheat prices but that grain prices overall were more or less unchanged from December with a FAO cereal price index reading of 147.4 points in January, a rise of just 0.1%. Wheat prices had fallen 2.5% during the month on higher Russian and Australian wheat exports, but strong demand for corn had meant flat grain prices overall.

MARKET TALKS:

Palm Oil Firms Amid Strong Soybean Oil Prices

1002 GMT - Malaysian palm-oil prices closed higher, tracking soybean oil's gains on the Dalian Commodity Exchange, a Kuala Lumpur-based trader says. The oils often trade in tandem as they are used in similar products. However, palm-oil gains were likely capped due to declining demand, he adds. The Bursa Malaysia Derivatives Exchange contract for April delivery closed MYR97 higher at MYR3,848 a metric ton. (yiwei.wong@wsj.com)

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Anglo American's Investment Case Is Compelling Despite 2022 Operational Issues

0952 GMT - Anglo American delivered a strong 4Q result as it met its full-year production targets and backed its 2023 production and cost guidance, analysts at Jefferies say in a note. Diamond, copper, coal and manganese production for the year rose, but platinum group metals production fell due to lower grades and planned infrastructure closures, as did iron ore, and nickel, which was hurt by a maintenance shutdown and high rainfall, the analysts say. "Despite operational issues in 2022, which are arguably already priced in as these shares are down nearly 20% over the last 9 months, the longer-term investment case for Anglo is compelling," the analysts say. Jefferies rates the stock buy and has a 3,387 pence target price. (anthony.orunagoriainoff@dowjones.com)

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Oil Edges Down Ahead of Ban on Russia Oil Products

0846 GMT - Oil prices tick lower despite an impending European Union ban on Russian oil product exports which is expected to tighten crude markets further. Brent crude oil edges down 0.2% to $82.00 a barrel while WTI weakens 0.3% to $75.70 a barrel. The EU's ban is set to come into force Sunday. Ample time to prepare and strong Russian exports of crude and oil products ahead of the ban are keeping prices in check, ING says in a note. "Despite this imminent disruption to flows, the market appears relatively calm...the market has had a significant amount of time to prepare for the ban. We have seen strong inflows of middle distillates into Europe ahead of Feb. 5," ING says. (william.horner@wsj.com)

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Metals Mixed Ahead of Jobs Report

0832 GMT - Metals prices are mixed, with nonfarm payroll data due later. Three-month copper is up 0.4% to $9,070.50 a metric ton, while aluminum is 0.5% lower at $2,591 a ton. Meanwhile, gold is down 0.2% to $1,927.20 a troy ounce. This week has been a bumper data week, with more positive data out of China meeting Western central banks indicating more monetary tightening may be needed in March as they seek to taper inflation. "Despite Chinese growth outperforming, slowing economic growth elsewhere globally will result in muted global demand growth for metals," Fitch Solutions says in a note. It sees metal prices climbing this year on Chinese demand but elsewhere the picture looks less clear. (yusuf.khan@wsj.com)

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Iron Ore Futures Decline as Steel Demand Weakens

0120 GMT - Chinese iron ore futures decline as demand for the steel ingredient weakens. "The demand for steel is still weak, with the inventory replenishment of steel mills slow," say CFC Financial analysts in a note to clients, adding that iron ore prices are likely capped. Prices for commodities such as iron ore, steel and coal have fallen in the last few days and CFC Financial believes that is due to faded market expectations. Iron ore contracts on the Dalian Commodity Exchange are lower across the board, with the most-traded May contract down 1.6% at CNY843.0 a ton. (bingyan.wang@wsj.com)

Write to Barcelona Editors at barcelonaeditors@dowjones.com

(END) Dow Jones Newswires

February 03, 2023 07:33 ET (12:33 GMT)

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