보기: Market Movers Americas, March 7-11: US weighs ban on Russian oil imports as Ukraine invasion continues

In this week's Market Movers: The White House considers a ban on Russian oil imports, Brazilian merchant pig iron prices soar amid stalled supply from Russia and Ukraine, US natural gas production rebounds from recent freeze-offs, and New York regulators seek input on proceedings to boost renewables.

Looking first at the impacts from the conflict in Ukraine, the White House announced last week that it was considering a range of options to maximize pressure on Russian President Vladimir Putin without disrupting the global energy market. So far, the US Treasury has exempted Russian oil imports from US sanctions, but that position appears to be under review amid bipartisan pressure to enact a ban on all Russian energy imports. White House Press Secretary Jen Psaki said that the decision will hinge on gas prices. While Russian oil makes up a small slice of US imports, that figure reached a 10-year high last year when Russian crude accounted for 11% of total US imports. This brings us to our social media question of the week: How much pain at the gas pump would result from a US ban on Russian oil? Tweet us your thoughts.

Turning to the metals market, Brazilian merchant pig iron prices are set to surpass the 700 dollars-per-metric-ton FOB level for the first time since 2008, as stalled supply from Russia and Ukraine has escalated procurement from non-usual customers in eastern Europe, South Korea and eastern Germany. In addition to greater demand, a combination of higher iron ore prices and limited volumes for prompt shipment has lent support to higher offers. No shipment availability for March or April has been reported by producers. With US buyers raising bids to guarantee volumes for the second quarter, Brazilian producers are ready to set offers at higher levels in the coming weeks.

US natural gas production continues to rebound from a series of freeze-offs across West Texas and Midcontinent last month, with output recently surpassing 94 billion cubic feet per day. Targeted production gains from the Permian Basin, the SCOOP-STACK and the Bakken are widely expected to continue over the days and weeks ahead as temperatures rise and drilling activity accelerates. In the week ended March 3, rig count in the Permian climbed to 320, its highest since early April 2020. In the Oklahoma and North Dakota basins, rig counts are currently at or just below pandemic-era highs, levels not seen since early 2020.

Comments are due March 7 in two New York State Public Service Commission proceedings that will help the state meet its target of having a zero-emissions power sector by 2040. Comments are due on New York's 10-gigawatt Distributed Solar Roadmap, which is a framework for the state to achieve at least 10 gigawatts of distributed solar power resources by 2030. Additionally, reply comments are due regarding the Tier 4 renewable energy certificate program. The program includes two proposed transmission lines that will transport approximately 18 million megawatt hours per year of in-state and Canadian renewable energy into New York City.

The Platts Atlas of Energy Transition from S&P Global Commodity Insights is your map to the sustainable commodity markets of the future. You can explore the Atlas by visiting the address displayed on your screen. Thanks for kicking off your Monday with us and have a great week ahead.