SUMMARY: Russian & Ukrainian Foreign Ministers Meeting - No significant advances, President meeting discussed but seemingly not imminent

• Overall, the Russian Foreign Minster Lavrov stuck to his known rhetoric around the invasion and the most notable lines from him being that no ceasefire was discussed, but that a meeting of Russian President Putin and Ukrainian Foreign Minister Zelensky was part of the discussion. However, Lavrov said that such a meeting would need more preparations – a general tone echoed by Ukraine’s Foreign Minister Kuleba saying they are ready to meet again in the same format.


• The main sticking point, from a Ukrainian perspective at least, appears to be the humanitarian corridors as Kuleba noted that there was no progress on a ceasefire and the city of Mariupol was the most difficult situation. During the presser, the Mariupol, Ukraine City Council says the city is under attack from the air; residential buildings have been hit and the Deputy Ukrainian PM added that a humanitarian corridor attempting to reach the city had to turn around given the fighting.


• In terms of the market reaction, Kuleba began speaking first and his remarks that there was no ceasefire progress and seemingly intimating that a Presidential-level meeting was not due imminently sparked some pressure in the equity space, hampering the ES March’22 contract by around 15-points, geopolitical-premia lent some support to WTI and Brent as well, moving to fresh incremental highs. However, the most significant move was in Spot Gold, which tested USD 2k/oz to the upside (high USD 2000.03/oz), gaining around USD 20/oz amid the commentary from the ministers.


• Looking ahead, we look for updates on Kuleba’s focus points of a humanitarian corridor from Mariupol and attaining a 24-hour truce. Additionally, for any indications towards, as suggested by Ukraine, another Foreign Ministers meeting and/or a gathering between the respective Presidents. Note, the situation at the Chernobyl nuclear plant has not developed following the power outage reported earlier in the week, during the Foreign Ministers press conference the Ukrainian Energy Minister confirmed the ongoing lack of power.

10 Mar 2022 - 11:00- EnergyResearch Sheet- Source: Newsquawk