BP - BP P.L.C.
32.65 -0.03 (-0.09%)
After hours: 6:24PM EST
| Previous Close | 32.93 |
| Open | 33.06 |
| Bid | 32.62 x 2900 |
| Ask | 32.70 x 1000 |
| Day's Range | 32.65 - 33.40 |
| 52 Week Range | 32.65 - 45.38 |
| Volume | 11,271,429 |
| Avg. Volume | 8,308,485 |
| Market Cap | 111.362B |
| Beta (5Y Monthly) | 0.54 |
| PE Ratio (TTM) | 27.65 |
| EPS (TTM) | 1.18 |
| Earnings Date | N/A |
| Forward Dividend & Yield | 2.52 (7.65%) |
| Ex-Dividend Date | Feb 12, 2020 |
| 1y Target Est | 47.84 |
- MarketWatch
Oil giant BP pulls out of 3 trade groups over climate policies but sticks with the powerful API
BP PLC is cutting ties with three trade groups over climate policies, a move announced Wednesday that follows the energy giant’s vow earlier this month to reach net-zero carbon emissions by 2050.
- American City Business Journals
Coronavirus impact prompts Colorado oil company to pull back as CEO predicts U.S. growth to irreversibly slow
The outbreak put off oil price recovery that likely would've happened this year, retiring CEO Mark Papa says.
- Reuters
BP to quit main U.S. refining lobby over carbon policy
BP will leave the main U.S. refining lobby and two other trade groups as new Chief Executive Bernard Looney spurs some of the oil sector's most ambitious targets for curbing carbon emissions. The decision follows a review of its membership in over 30 associations around the world, which Looney said in a post on Instagram was aimed at boosting people's trust in the oil and gas company. "BP will pursue opportunities to work with organisations who share our ambitious and progressive approach to the energy transition," Looney said in a statement.
- Financial Times
BP cuts membership ties with three US industry lobby groups
BP will cut ties with three US industry lobby groups over disagreements with their climate policies. The UK oil and gas major named the American Fuel and Petrochemical Manufacturers, the Western States Petroleum Association and the Western Energy Alliance as groups it will be leaving. The move comes after BP carried out a review of its membership of 30 important global trade associations, assessing their lobbying activities and positions on climate policies against its own.
- Reuters
PetroChina buys one out of three LNG cargoes traded on Platts' pricing process
PetroChina on Wednesday bought a spot liquefied natural gas (LNG) cargo for delivery in April from commodity trader Vitol through the S&P Global Platts' pricing process also known as market-on-close (MOC). The cargo, which traded at $3.05 per million British thermal units (mmBtu), is for delivery over April 20 to 22 into the Japan, Korea, Taiwan, China region and is to be loaded from Das Island, Abu Dhabi, Platts said. Both the buyer and seller may opt for alternate discharge or loading ports respectively, provided they give 30 days notice before initial delivery, the pricing agency added.
- Reuters
Jesuit order to ditch fossil fuels from $500 mln equity portfolio
Catholic religious order Jesuits in Britain will ditch fossil fuel companies from its $500 million equity portfolio by the end of the year, it said on Wednesday, citing corporate failure to respond quickly to the threat of climate change. "However, the severity of the climate emergency has made it crystal clear that action is needed more than words if climate action is to be effective," Power said.
- Bloomberg
BP’s Bold Climate Plan Doesn’t Add Up to Net Zero
(Bloomberg) -- After months of planning, BP’s new CEO Bernard Looney made his big green pitch: Europe’s second-largest oil company will cut its emissions to net zero by 2050, he said earlier this month. Many thought that made BP the world’s first supermajor to take responsibility for all its emissions.It did not do that.Every company has three types of emissions. BP’s so-called Scope 1 emissions are those directly produced by the company, such as natural gas used to heat BP buildings. “Scope 2” emissions are created by another entity, for example a coal power plant powering BP refineries. Finally, “Scope 3” emissions are all those that can be directly tied to the company, including emissions customers generate when using BP fuels.BP is only going to cut some, not all, of its Scope 3 emissions. Sensing some confusion at that concept at his presentation on Feb. 12, Looney took to a drawing board to explain. “I’ve probably drawn this 50 times,” he said.BP’s Scope 1 and 2 emissions are about 55 million metric tons each year, he explained, drawing a small horizontal bar. Then he drew two much bigger bars—and called both Scope 3. One was about 360 million metric tons and another “around” 1 billion metric tons.You won’t find the larger number in BP’s annual reports, which for 2018 put the company’s Scope 3 emissions at 437 million metric tons. But it is a number that the CEO is confident enough to mention at his big climate announcement.The 360 million metric tons was the amount of Scope 3 emissions BP would reduce to net zero; those were emissions from the oil and gas the company extracts itself, Looney said. The higher figure, 1 billion metric tons, includes refinery outputs for crude that BP buys from other producers and additional energy products that BP markets, such as power or gas supply agreements, a spokesman later explained. The company plans to cut its carbon intensity by 50%.BP does not officially report that higher figure, because, the spokesman said, calculations get “more complex” as you move downstream. That’s why Looney added “around”, he said. Still confused? You’re not alone. The energy industry has no standard definition of Scope 3 emissions. That means every company is free to choose how they define it, and comparisons of those figures can be like comparing apples to oranges. Crucially, because most emissions reporting is voluntary, many of the largest oil companies, including ExxonMobil and Saudi Aramco, choose not to report Scope 3 emissions at all.Industry groups have made some attempts at standardization but none have succeeded. A spokesman for the Oil and Gas Climate Initiative, which counts 13 large oil companies as its members, said it has created an “internal benchmark” but there is “no established joint methodology.” Without strict regulation on standards and requirement to report Scope 3 emissions, we are likely to remain confused.Looney’s reasoning for choosing to cut only 360 million out of 1 billion metric tons is that, if the companies BP buys its crude from also take responsibility to cut their respective Scope 3 emissions for the oil they extract, then all involved could avoid double-counting. In effect, we’d all be heading toward a net-zero world.“In 2050, the world ain’t going to be arguing about Scope 3 or not,” Looney said. “We are going to be arguing about whether we’ve reduced our emissions or not.”But “oil companies cannot avoid the Scope 3 debate,” said Rory Sullivan of the Grantham Research Institute on Climate Change and the Environment. First, what you can’t (or won’t) count, you won’t cut. Second, as the oil and gas industry looks to renew its social license to operate, it needs to be seen to be taking responsibility for its actions. However you count them, Scope 3 forms the majority of an oil company’s total emissions.It’s easy for Looney to swat away definitional arguments. He won’t be BP’s CEO in 2050. What we can be sure about is that the climate debate will rage more strongly in the decades ahead, and someone will have to take responsibility for all Scope 3 emissions. The question is whether it will be the oil industry that pays the price for it—or all of us.Akshat Rathi writes the Net Zero newsletter on the intersection of climate science and emission-free tech. You can email him with feedback. To contact the author of this story: Akshat Rathi in London at arathi39@bloomberg.netTo contact the editor responsible for this story: Adam Blenford at ablenford@bloomberg.net, Emily BiusoFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- MarketWatch
European stocks drift lower as virus spread offsets data showing better economy
European stocks slipped on Friday, as worries about the coronavirus spreading beyond China offset indications the economy is improving.
- Reuters
PRESS DIGEST- British Business - Feb 21
The following are the top stories on the business pages of British newspapers. - Anglo American has insisted that its 405 million pound ($521.68 million) bid for Sirius Minerals is "fair and reasonable" after hedge fund Odey Asset Management joined small shareholders in pushing for a higher offer. - Royal Dutch Shell will not "get into an arms race" with BP over carbon targets, a senior executive has said, in a sign that Europe's biggest oil group will not rush to match its rival's "net zero" pledge.
- Reuters
Pioneer Natural CEO calls on investors to divest in companies with high flaring
The chief executive of Pioneer Natural Resources, Scott Sheffield, on Thursday called on energy investors to sell shares or pull funding from companies that have rates of natural gas flaring. The practice of burning off natural gas produced alongside more profitable oil has become a top issue for investors, who are focused on sustainability measures and already are frustrated by a decade of poor financial returns in oil and gas. The idea, Sheffield said during an earnings call, came out of a late January workshop in Austin, Texas, coordinated between Columbia University and the University of Texas at Austin, which brought together producers, pipeline companies, policymakers, non-governmental organizations, academics and analysts to talk about Permian Basin flaring.
- Reuters
Never mind electric cars, here's Australia's M&A hotspot: Petrol stations
Electric vehicles have charged up investments around the world, but Australia is revelling in a slew of deals involving old-school petrol stations, with a bidding battle developing for one of its top fuel retailers, Caltex Australia. A shake-up in the structure of the fuel industry over the past decade, sparked by refinery closures and oil major retreats, has produced deals worth $33 billion including offers for Caltex, according to Refinitiv data.
- Bloomberg
Big Oil Explores Adding More Cheap Ethanol to Gasoline in Iowa
(Bloomberg) -- BP Plc and Royal Dutch Shell Plc are exploring adding more ethanol in gasoline in top corn state Iowa to take advantage of how cheap the biofuel has become.The oil majors are gauging driver interest at a small number of stations in 15% ethanol blends, up from the current state standard of 10%, after the Trump administration in May allowed an increase nationwide.Adding more ethanol to gasoline may help Midwest farmers who have been struggling to find markets for corn after biofuels demand plateaued last year. Ethanol futures slumped to the lowest in more than a decade in 2019, making it unprofitable to make the biofuel that accounts for about a third of demand for the U.S. corn crop. But cheap ethanol won’t save drivers much money: At current prices, filling up a Ford-F150 would only cost about a quarter less.The BP-branded Elliott Oil Co. has for about two weeks been selling some E15 in the small town of Osceola, CEO Andrew Woodard said. BP spokesman Michael Abendhoff said the company does not comment on marketing strategy.John Reese, downstream policy and advocacy manager in the Americas for Shell, said at the National Ethanol Conference in Houston that Shell offers higher ethanol blends, without offering specifics.Shell spokesman Ray Fisher said the company is working to add E15 in Iowa, Indiana and Illinois. “Prior to implementing E15, there is due diligence to ensure we can deliver a quality product and meet state regulations.”Benchmark Chicago cash ethanol traded at a one-year low in January, with the price decline generating interest in adding more to the mix. But that’s less than a penny per gallon below pump prices.Efforts to boost ethanol have an edge because the U.S. is sending only trace amounts of it to China, and Mexico is trending toward using less corn-based fuel, Corey Lavinsky, ethanol analyst at S&P Global Platts, said by email.There is also some political support. Iowa’s governor included an E15 tax credit extension and expansion in the state’s budget proposal.Iowa drivers like E15, and retailers have noticed, said Monte Shaw, executive director of the Iowa Renewable Fuels Association in West Des Moines, by telephone.“It’s happening because enough independents in Iowa, they know there’s no stigma, that Iowans will buy this stuff,” Shaw said.To contact the reporters on this story: Jeffrey Bair in Houston at jbair4@bloomberg.net;Michael Hirtzer in Chicago at mhirtzer@bloomberg.netTo contact the editors responsible for this story: David Marino at dmarino4@bloomberg.net, Jessica SummersFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Oilprice.com
Uncertainty Brings An End To The Oil Price Rebound
The latest five-day oil rally has been brought to an end by market uncertainty surrounding OPEC+ production cuts and a recovery in Chinese demand
- Investopedia
Top 4 Oil Companies That Protect the Environment
Here are some of the most environmentally conscious oil companies that have actual track records of investments in research and cleanup.
- Reuters
CORRECTED-PRESS DIGEST-British Business - Feb. 18
The following are the top stories on the business pages of British newspapers. Jupiter Fund Management Plc agreed to buy its smaller rival, Merian Global Investors, for as much as 419 million pounds ($544.62 million). The owner of Britain's largest and oldest train factory is to be sold off to the French company Alstom SA in a deal worth 6.25 billion pounds.
- Reuters
Pompeo blasts corruption, promotes U.S. business in Africa trip
U.S. Secretary of State Mike Pompeo denounced corruption and touted American business on Monday during the second leg of an African tour in Angola, where the government is seeking to claw back billions of dollars looted from state coffers. Pompeo is aiming to promote U.S. investment as an alternative to Chinese loans while assuaging concerns over a planned U.S military withdrawal and the expansion of visa restrictions targeting four African countries.
- MarketWatch
U.K. stocks boosted by China stimulus efforts
British stocks edged higher on Monday, with companies sensitive to Chinese demand getting a boost from the country’s efforts to limit the economic fallout from the deadly coronavirus.
- Zacks
The Zacks Analyst Blog Highlights: BP, Royal Dutch Shell, Repsol, Exxon Mobil and Chevron
The Zacks Analyst Blog Highlights: BP, Royal Dutch Shell, Repsol, Exxon Mobil and Chevron
- Bloomberg
BP Beefs Up Carbon Capture Team in Bid to Meet Climate Goals
(Bloomberg) -- BP Plc is expanding its team working on carbon capture and storage projects as part of its ambition to zero out net greenhouse-gas emissions by 2050.The oil major has added staff over the past 12 months and is reorganizing teams that have been dispersed within different units of the company, a spokesperson confirmed. The moves build on Chief Executive Officer Bernard Looney’s announcement Wednesday that BP will target pollution not only from its own energy use but from the fuel its customers use, known as Scope 3 carbon emissions.The moves add the weight of Europe’s second-biggest oil company to efforts to make the technology a commercial reality. Carbon capture is a broad set of technologies that can be deployed to cut emissions from industrial plants. The goal is to bury pollutants underground instead of allowing them to escape into the atmosphere and contribute to climate change.The hiring spree “is a rejuvenation of the size and speed and seriousness of (carbon capture) activity within BP,” said Stuart Haszeldine, professor of carbon capture and storage at the University of Edinburgh. The company declined to provide more details on how many new people they are taking on or how many people work in the field now. The move is an indication of BP’s ambition to tackle Scope 3 emissions, which is about 90% of the carbon footprint of most oil companies. While the industry burns some fossil fuel to run refineries and deliver gasoline to service stations, its largest impact on the environment is in the oil products its customers burn. Looney said carbon-capture projects will have to be part of the solution to reaching the net-zero target. “Trillions of dollars will need to be invested in re-plumbing and rewiring the world’s energy system,” Looney said Wednesday in a statement outlining his plan. “It will require nothing short of re-imagining energy as we know it.”Read More: How Much Carbon Dioxide Is in the Atmosphere?BP flirted with carbon-capture technologies in the early 2000s, when the U.K. government put out a series of bids and competitions to attract private companies to build technology capabilities and large infrastructure projects. The U.K. government’s flip-flop on supporting the technology cost BP as much as $50 million, which it had spent studying the feasibility of the world’s first natural-gas power plant fitted with the equipment.Under new leadership, BP is aiming to align its emissions targets to match the ambition that governments set under the 2015 Paris Agreement on climate change. That deal brokered by the United Nations aims to keep global temperature increases since the industrial revolution “well below 2° Celsius,” a level that would still mark the quickest shift in the climate since the last ice age ended. Every climate model setting out how that goal can be reached suggests carbon capture will be essential.The technology plays only a marginal role in cutting emissions today, partly because each plant can cost $1 billion or more, and governments so far have been reluctant to subsidize it or put an appropriate price on carbon. Some 20 large scale projects that can capture about 40 million metric tons of carbon dioxide each year, about 1% of global emissions, are working now.As part of its commitment, last month BP joined the Global CCS Institute, an industry body promoting the use of carbon capture technology. Read more: Why Company Carbon Cuts Should Include “Scope” CheckThe company is currently leading a group looking to build a zero-carbon cluster at the U.K.’s Teesside industrial complex, which includes oil refineries and chemical factories. It’s part of a project run by the Oil and Gas Climate Initiative, which includes Royal Dutch Shell Plc and Total SA. The plan would be to inject carbon emissions into rock formations deep under the North Sea. Haszeldine said that the project “could serve as a carbon dioxide store for many, many decades.”If it’s built, the Teesside project aims to capture as much as 6 million metric tons of carbon dioxide a year, or about 2% of the U.K.’s annual emissions. The OGCI estimates the single project could create up to 4,000 jobs. That’s only one of the industrial sites ripe for the technology. Others include plants near the Humber river, Merseyside, Runcorn and in Grangemouth. Those places employ more than 90,000 people in chemicals and oil refining.The U.K. government, which has set its own legally mandated goal of hitting net-zero emissions by 2050, is also looking to invest in carbon-capture technologies. Prime Minister Boris Johnson committed to spend 800 million pounds ($1 billion) toward scaling up the technology in his party’s manifesto before the December election. Haszeldine says that the government is looking to stump as much as 30% of a project cost, if private companies pony up the rest.To contact the author of this story: Akshat Rathi in London at arathi39@bloomberg.netTo contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net, Lars PaulssonFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Zacks
BP to Cut Emissions to Zero by 2050: US Majors to Follow Suit?
Alongside environmental efforts, BP remains focused on increasing sustainable free cash flow and boosting shareholder returns in the long run.
- TipRanks
Piper Sandler: These 3 High-Yield Dividend Stocks Have Plenty of Growth Ahead
Markets started 2020 with a 5% gain on the S&P 500. It's a fine cap to start the year, but will it last? Not so sure; Wall Street is predicting a far more modest run in 2020, with the end-year targets averaging just a 2% gain.The outlook reflects relative risk assessment, rather than depression. With the coronavirus outbreak, and a US Presidential election just nine months away, 2020 is starting out with plenty of uncertainty on the horizon.That uncertainty has investors worried, and when investors get worried they look for a safety net in their investment strategy. It’s a draw that naturally pulls them to dividend stocks. Dividend stocks don’t offer the same high share appreciation as growth stocks, but they do offer a steady income stream. And when markets are volatile, a steady income stream is a hot commodity.With this in mind, analysts from Minnesota-based investment firm Piper Sandler have tagged three energy stocks as particularly noteworthy, offering investors a valuable combination of high dividends, and even higher upsides. Using the Stock Comparison tool from TipRanks, we can look at these three tickers, side by side, comparing their attributes. All are Buy-rated with dividend payouts exceeding 5%, and show an upside between 20% and 45%.Black Stone Minerals (BSM)We’ll start with Black Stone, a Houston-based oil and gas exploration and development company. Black Stone controls over 20 million acres across 40 states, but the bulk of its operations are in the South (Alabama-Mississippi, Louisiana-Arkansas, Texas-Oklahoma) and the Northern Plains (Montana-North Dakota). The company also has a presence in the Appalachian gas fields of Pennsylvania and West Virginia.Black Stone’s ability to continue making money in the current environment was clear in the last quarterly report. The company beat the earnings forecast by 10%, reporting 32 cents per share on revenues of $137.4 million. The free cash flow reached $89.2 million, marking the fifth quarter in a row of FCF gains. BSM reports Q4 2019 on February 24 and is expected to show 26 cents EPS.Investors should note the rising FCF. Black Stone has used that money, at least in part, to fund a high dividend. The company pays out 30 cents per share quarterly, or $1.20 annually, which may not sound like much – but the yield is impressive at 11.4%. That’s almost 6 times the average yield among S&P companies. The payout ratio is 93%, indicating that BSM pays back most of its profits to shareholders – and that the payment is sustainable in current conditions.Piper Sandler analyst Pearce Hammond looks at BSM in the context of the gas industry generally, and draws a bullish conclusion. He writes, “While natural gas headwinds might intensify further in coming months, we believe this negativity is largely reflected in the unit price and there is a favorable risk/reward tradeoff... Most important, nothing cures low prices like low prices, and we expect declining natural gas drilling combined with further demand growth to result in improving natural gas s/d fundamentals over the next twelve months.”In short, Hammond sees BSM in position to grow this year, and puts an $18 price target behind his Buy rating. That target indicates a 75% upside potential. (To watch Hammond’s track record, click here)Black Stone’s Moderate Buy consensus rating is derived from 2 recent Buy reviews – and 3 Holds. Opinions are mixed on this stock, but note that even the low-ball price target estimate is higher than the current share price. The average target, $14.90, suggests room for 45% upside growth. (See Black Stone stock analysis on TipRanks)BP PLC (BP)Our next stock is a $123 billion staple of the oil industry, BP. This is the sixth largest oil and gas company globally, and brought in over $300 billion in calendar 2018 revenues. The low prices plaguing the industry through 2019 pushed hard on the bottom line, however, and BP’s 2019 profits were down 21%.At the same time, despite the slip, the $10 billion profit reported beat the forecast of $9.7 billion. Looking ahead, there are indications that production cuts by OPEC – in the range of 500,000 barrels per day – could help improve the supply-demand situation in 2020. Should OPEC be successful in its moves to push prices back toward $60 per barrel, companies like BP would see immediate gains. That would be a welcome change from the 13% price drop in Brent crude over the past 12 months.Despite the low prices and decline in profits, BP has maintained its dividend. The company announced a 63-cent quarterly payment this month, making the annual payout $2.52 and the yield a strong 6.6%. BP has been raising the dividend payment modestly over the past 4 years.Writing on the stock after the earnings report, Piper Sandler's Ryan Todd reiterated his $47 price target and Buy rating. He was particularly impressed by the dividend, writing, “…while 2020 guidance was largely in line, capex again at the low end of the guided range combined with success to date on disposals should set the stage for a coming ramp in shareholder distributions… the [dividend] raise was modest, [and] represents the second sequential (annual) bump to the dividend and management’s commitment to growing shareholder distributions going forward.”Todd’s price target suggests a 26% upside to BP shares. (To watch Todd’s track record, click here)BP is another Moderate Buy, according to the analyst consensus view. The stock has received 2 Buy ratings and 1 Hold in recent weeks. Shares are priced at $36.54, and the average target of $45 implies an upside of 23%. (See BP stock analysis on TipRanks)Total SA (TOT)Our final stock on the list, like BP, is a ‘Supermajor,’ one of the few giant companies that collectively are called “Big Oil.” Total has a $128 billion market cap, brings in some $200 billion in annual revenue, and sees more than $11 billion in net profit.Where BP has been facing lower quarterly earnings, TOT’s quarterlies are rising. In Q4, the company saw $1.19 EPS, for a 1% year-over-gain and a 5% sequential gain. The rising earnings came even as total revenues slipped. The top-line number was down 6% year-over-year, to $49.3 billion – another indication of the impact low prices have on the sector.Total’s oil production in the fourth quarter was 3.113 billion barrels per day, up 8% from the year before, while gas production showed a 4% gain to 7.264 billion cubic feet. The company saw an 8% decrease in realized oil prices, and a 25% drop in gas prices, over the course of 2019. Total ended Q4 2019 with $27.4 billion cash on hand, essentially flat year-over-year.The company has been using its cash to boost shares, with a $1.75 billion share buyback in 2019. Going forward, management expects to buy back $2 billion worth of shares in 2020. These buybacks are part of a planned program, in place for the 2018 to 2020 time horizon, totaling $5 billion.Along with share buybacks, TOT pays out a reliable quarterly dividend. The annualized payment, at $2.93, makes the yield 5.99%. For investors, the best feature of the dividend is the payout ratio. At 51%, it’s high enough to show a company commitment to paying back shareholders, while not so high to spark worries about sustainability.Analyst Ryan Todd, quoted above on BP, also reviewed TOT. He believes that this company is the best option for investors looking for an oil play, writing, “While not immune to macro headwinds, the combination of above average production growth and high-margin project starts managed to hold earnings flat YoY in a peer group showing material declines – outperformance that we expect to continue in 2020. We continue to view Total as best positioned to support both top-line growth and upside to growing shareholder returns.”Todd reiterated his Buy rating on the stock, and set a $68 price target. His target suggests a robust 36% upside for Total over the coming 12 months.TOT is the only stock in this list with a Strong Buy analyst consensus. This rating is based on 4 Buys and 1 Hold set recently. The stock is trading at $49.81, and the average price target of $67.31 indicates room for 30% upside growth potential. (See TOT stock analysis on TipRanks)
Yahoo Finance VideoWTI Crude drops below $50 amid coronavirus concerns
WTI crude is falling below $50 a barrel amid fears of the coronavirus impact on demand. Nasdaq's Tamar Essner joins Yahoo Finance's Seana Smith on The Ticker to discuss.
Yahoo Finance VideoCrude oil drops below $50 on coronavirus fears
U.S. crude oil dropped below $50 on Wednesday as Asia, Europe and the Middle East reported new cases of the coronavirus. Bubba Trading Founder Todd Horwitz joins On The Move to discuss the low levels of crude oil and how coronavirus will continue to impact the commodities sector.
