Today’s Russia/Ukraine Update

🇺🇦 After recapturing the city of Irpin to the northwest of Kyiv this week, Ukrainian forces are now engaged in heavy fighting in the neighboring towns of Bucha and Hostomel, officials said.

• In the Chernihiv region to the north of the capital, Ukrainian forces reportedly retook two villages and were pushing for further gains.
• Ukraine sent a convoy of 45 buses to the besieged southern city of Mariupol to evacuate citizens after Russia agreed to create a humanitarian corridor.
• Russia added 134,500 new conscripts between the ages of 18 and 27 to its army yesterday as part of the country’s annual spring draft.
• The International Atomic Energy Agency said Russia has handed over control of the Chernobyl nuclear power plant back to Ukraine.

How the invasion is impacting…

🛢️⛽ Oil & Gas: President Biden ordered the Strategic Petroleum Reserve to release an average of 1 million barrels each day for the next six months in an attempt to bring down US gas prices. For context, the US consumed ~20 million barrels of oil per day last year.

• US crude prices closed down nearly 7% yesterday, but the effect on prices at the pump – which lag the crude market – remains to be seen. The average price for a gallon of gas in the US has held steady at just under $4.25 for over a week (it was $2.87 last year).

📈📉 Markets: US stocks fell across the board, finishing off their worst quarter in two years despite a strong March. (Dow: -1.6% | S&P: -1.5% | Nasdaq: -1.6%)

• The Russian ruble has nearly recovered to where it was before the war (and Western sanctions) began on February 24.