Spot business slow; gas row blows over

摘要

Spot business has been slow this week, with the politics of the FSU providing the main backdrop to market events. At the beginning of the week, Gazprom halved its natural gas supply to the Ukraine in a dispute over an unpaid bill. The cut in supply prompted questions about the impact on urea and ammonia production from the Black Sea. Before these questions could be answered, a deal had been struck between the heads of Gazprom and Naftogaz, ending the three-day crisis. All indications from local sources suggest there has been no disruption to production or to supply at Yuzhnyy.