Materials and commodities
- Iron Ore | Miner BHP is to face a £5bn lawsuit brought by 202,600 Brazilian claimants resulting from the collapse of a dam in 2015. The lawsuit will be one of the biggest cases by value in the English courts.
- Energy | The UK’s energy price cap is set to reach a record £3,363.70/year in the first quarter of 2023, according to analysis from Cornwall Insight Ltd. The price cap currently £1,971 for customers paying by direct debit.
- Refinery margins | The Competition and Markets Authority will launch an in-depth investigation into the fuel sector after concerns have been raised over profit levels at refineries because of the growing gap because of the input price of oil and the wholesale price once it leaves the refinery. The AA’s head of road policy suggests that gap isn’t the issue, but the length of time it takes for wholesale prices to reach the forecourt.
- Gas | Russian provider, Gazprom, has cut its supplies by a further third, having already cut it by half since mid June. It comes as Italy is suffering an intense drought and heatwave that are increasing energy usage.