Oil Surges On Supply Concerns

Oil prices jumped on Tuesday, as worries over Russian supply disruptions outweighed reports suggesting the United States and its allies are weighing a coordinated release of oil reserves.

Brent crude futures for May delivery soared $3.38, or 3.5 percent, to $101.35 a barrel, while U.S. West Texas Intermediate (WTI) crude futures for April settlement were up $2.90, or 3.0 percent, at $98.62.

A 40-mile convoy of Russian tanks and other vehicles threatened Ukraine’s capital today.

Over 70 Ukrainian soldiers were killed after Russian artillery hit a military base in Okhtyrka, a city between Kharkiv and Kyiv, the head of the region wrote on Telegram.

Russia’s economic isolation worsened, with Danish shipping giant Maersk announcing it would halt container shipping to and from Russia.

Major oil and gas companies, including BP and Shell, have announced plans to exit Russian operations and joint ventures.

The International Energy Agency (IEA) is set to hold an extraordinary ministerial meeting later today to discuss what role its members can play in stabilizing the oil market.

Pre-market Movers: DWAC, SKYH, LLL, OCGN, ANGH…

The following are some of the stocks making big moves in Tuesday’s pre-market trading (as of 07.45 A.M. ET).

In the Green

Digital World Acquisition Corp. (DWAC) is up over 20% at $101.18
JX Luxventure Limited (LLL) is up over 19% at $2.21
Ocugen, Inc. (OCGN) is up over 17% at $4.07
Houghton Mifflin Harcourt Company (HMHC) is up over 14% at $20.83
Better Therapeutics, Inc. (BTTX) is up over 11% at $3.80
Phunware, Inc. (PHUN) is up over 11% at $3.56
BRC Inc. (BRCC) is up over 10% at $20.76
Healthcare Capital Corp. (HCCC) is up over 10% at $11.15
Indonesia Energy Corporation Limited (INDO) is up over 5% at $4.75
Passage Bio, Inc. (PASG) is up over 5% at $3.60

In the Red

Sky Harbour Group Corporation (SKYH) is down over 20% at $8.05
Anghami Inc. (ANGH) is down over 15% at $13.80
Energy Vault Holdings, Inc. (NRGV) is down over 13% at $10.70
Fast Radius, Inc. (FSRD) is down over 10% at $2.75
Creative Medical Technology Holdings, Inc. (CELZ) is down over 9% at $1.65
Quanergy Systems, Inc. (QNGY) is down over 7% at $3.45
Guardion Health Sciences, Inc. (GHSI) is down over 5% at $0.19

Gold Climbs As Russian Sanctions Prompt Growth Worries

Gold prices rose on Tuesday to extend a monthly advance, as a raft of sanctions against Russia and Moscow’s countermeasures raised concerns over the impact on global growth and inflation.

Spot gold climbed 0.8 percent to $1,924.03 per ounce, after having risen 1 percent on Monday. U.S. gold futures were up 1.4 percent at $1,926.90.

Russia’s economy is under huge pressure after the United States and its allies on Saturday moved to block certain Russian banks’ access to the SWIFT international payment system.

President Vladimir Putin unveiled his own measures by banning residents from transferring hard currency abroad.

The first round of talks between Russia and Ukraine ended without a breakthrough and Ukrainian President Volodymyr Zelensky said that the second round of talks aimed at ending Russia’s attack on Ukraine will take place soon.

Disruptions to supplies of grain, energy and metals have added to prices pressures as the Federal Reserve prepares to normalize monetary policy.

Investors pared rate hike bets, with Fed funds futures traders pricing in a rate hike of 25 basis points at the Fed’s meeting on March 15-16. The Bank of England is also expected to lift rates by 25 bps in March.

Swiss GDP Expands At Slower Pace In Q4

The Swiss economy grew at a slower pace in the fourth quarter as the restrictive measures associated with the pandemic dampened economic activity, the State Secretariat for Economic Affairs, or SECO, said on Monday.

Gross domestic product grew 0.3 percent sequentially in the fourth quarter, much slower than the 1.9 percent expansion seen in the third quarter. Growth was forecast to slow to 0.4 percent.

On a yearly basis, GDP growth slowed marginally to 3.7 percent, as expected, from 3.8 percent in the prior quarter.

On the expenditure-side, private consumption expenditure rose only 0.3 percent sequentially in the fourth quarter. The increase of 1.0 percent in government expenditure was stronger, driven by pandemic-related spending.

Following a negative third quarter, there was renewed growth in investment in equipment, up 2.4 percent. Meanwhile, construction investment was down 0.1 percent.

Exports of goods decreased 2.2 percent, shipment of services gained 3.3 percent. At the same time, imports of goods climbed 1.2 percent, while imports of services decreased 1.6 percent.

In the whole year of 2021, GDP was up 3.7 percent, in contrast to the 2.4 percent slump in 2020.

The recovery benefited almost all sectors of the economy in 2021, albeit to varying degrees. The manufacturing industry grew the most, driven by robust exports. The service sector also recovered.

The Swiss National Bank forecast the economic recovery to continue this year, with GDP expanding around 3 percent in 2022.

The Bank Of Nova Scotia Bottom Line Climbs In Q1

The Bank Of Nova Scotia (BNS.TO) announced a profit for its first quarter that increased from the same period last year

The company’s bottom line came in at C$2.61 billion, or C$2.14 per share. This compares with C$2.27 billion, or C$1.86 per share, in last year’s first quarter.

Excluding items, The Bank Of Nova Scotia reported adjusted earnings of C$2.65 billion or C$2.15 per share for the period.

The company’s revenue for the quarter fell 0.2% to C$8.05 billion from C$8.07 billion last year.

The Bank Of Nova Scotia earnings at a glance (GAAP) :

-Earnings (Q1): C$2.61 Bln. vs. C$2.27 Bln. last year.
-EPS (Q1): C$2.14 vs. C$1.86 last year.
-Revenue (Q1): C$8.05 Bln vs. C$8.07 Bln last year.