Supply outage: the main trend in March

News of the day, Monday, March 21

About 500 workers in Chevron’s oil refinery in Richmond (Virginia, USA) have alarmed the company they will go on a strike at midnight today after the negotiations on the new labor contract failed. Chevron has turned some operations to replacement workers at a refinery near San Francisco. If the strike takes place, and the refinery shuts down, the gasoline supply in California might be seriously shortened.

African countries might face wheat supply outages because of the war in Ukraine. The invasion of Russia and the following sanctions jeopardize the world with food crisis since these two countries involved in a conflict make up 25% of the global food supply.

The price of Brent crude is $112.00, WTI — $107.25, GBP/USD — 1.3163, EUR/USD — 1.1055, and gold costs $1924.00 per ounce.