(Bloomberg) -- Around the world, people are already living through the havoc brought on by global temperatures that are breaking records. It’s about to get a...
-- Around the world, people are already living through the havoc brought on by global temperatures that are breaking records. It’s about to get a lot worse.Odds are growing that 2024 will become the hottest year in history as the Northern Hemisphere barrels into summer. Prices for some of the world’s most vital commodities — natural gas , power and staple crops like wheat and soy — are climbing.
Europe, which can no longer rely on Russian supply following the invasion of Ukraine, now competes with Asia for cargoes of liquefied natural gas from exporters like the US, Qatar and Nigeria. Funds have been the most bullish on European natural gas since before the energy crisis, signaling growing concern about scarcer supplies.
“When it’s bad, it’s really bad,” said Sean Kelly, chief executive officer of Amperon Holdings Inc., which forecasts electricity use for Texas and other grids.In Europe, blazing heat might force some French nuclear plants — which provide about 70% of the country’s power generation — to shut. That’s because many reactors rely on rivers for cooling, and when water temperatures are too high, environmental rules to protect aquatic wildlife can force the facilities to close temporarily.
Extreme weather was one of the drivers for cocoa’s dizzying rally, and coffee markets are now facing similar risks. Futures for arabica coffee, the higher-end beans favored by companies like Starbucks Corp., could jump about 30% to hit $2.60 a pound over the next few months if adverse weather and production issues prevail in Brazil and Vietnam and money managers go on a buying spree, Citigroup analysts said this month.
The Rhine River — Europe’s busiest commercial waterway, which moves everything from diesel to coal inland from the giant port of Rotterdam in the Netherlands — has seen record-low water levels in recent years. A tropical storm slowly tracking and weakening just east of Japan could amplify the jet stream changing the course of summer for Canada. We will have more details with Amandeep Purewal on what the pattern change will look like for the second week of June.The volcano north of Grindavik, Iceland, began after a series of earthquakes hit the town. An evacuation of the popular Blue Lagoon geothermal spa was triggered by the event.
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