IIR's February 26 Market Scorecard Brings You Breaking Geopolitical News

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Researched by Industrial Info Resources (Sugar Land, Texas)--Stay current with the latest geopolitical events, and more importantly, instantly connect to how these events may impact you and your business strategies.

Event	MarCon*	IIR Comment	Outlet	IIR News
Palestinian prime minister, cabinet offer to resign in step toward post-Gaza war overhaul		Palestinian Authority Prime Minister Mohammad Shtayyeh offered the resignation of his government on Monday, opening the door for a new technocratic administration under President Mahmoud Abbas. The United States and Arab allies have been seeking to revitalize the governing body with the hope it can take on a role in Gaza following the war. Key updates Israeli forces strike deep within Lebanon as tensions with Hezbollah mount U.S. hopes cease-fire agreement in Gaza can be reached in 'coming days'	Washington Post	U.S. Oil Rig Count, Sanctions on Russian LNG Companies: Your Daily Energy News
Israel-Hamas war: Cease-fire negotiations inch forward as Israel plans Rafah ground offensive		Israeli Prime Minister Benjamin Netanyahu said he will convene his Cabinet early this week "to approve the operational plans for action in Rafah," including the evacuation of civilians. About 1.5 million people are taking refuge in the city, with U.S. officials saying they cannot support an Israeli ground offensive there without a credible plan for their protection. The U.S. and U.K. militaries launched joint airstrikes against Houthi rebel positions in Yemen, hitting at least 18 targets, including an underground storage facility, weapons and a helicopter. In response, a Houthi leader said the group would "increase our determination" in attacking ships in the Red Sea.	NBC News	PVC Industry Thrives Amid Global Urbanization
European Leaders to Gather in Paris to Bolster Ukraine at 'Critical Moment'		European leaders were set to gather in Paris on Monday in an attempt to showcase unity and resolve in their support for Ukraine as the embattled country confronts a dire situation on the battlefield against Russia and in Washington, where Republicans in Congress are blocking badly needed financial aid. The meeting, convened by President Emmanuel Macron of France, is scheduled to include about 20 or so heads of state and top officials, including from Britain, Germany, the Netherlands, Poland and Spain. President Volodymyr Zelensky of Ukraine is to attend the evening meeting by videoconference.	New York Times	Europe Cut Reliance on Russian Gas by Half in 2023
Chinese floating barrier at South China Sea flashpoint was 'necessary', Beijing says		China on Monday said it was "necessary" to set up a floating barrier at the disputed Scarborough Shoal in the South China Sea, where it has had frequent flare-ups with Philippine forces. Asked about new satellite images of the barrier blocking the entrance of the shoal's lagoon, Chinese foreign ministry spokeswoman Mao Ning said the shoal, called Huangyan Island in Chinese, was the country's "inherent territory". "Recently, the Philippine side has taken a series of actions which violate China's sovereignty," Mao said in Beijing.	South China Morning Post	South Korea's S-Oil Invests US$4.8 Billion in Chemical Projects
Natural Gas and Oil Analysis: NG Rallies Over 5%; Stronger Dollar Weighs on Oil		Oil prices saw a decline on Monday, continuing from the previous session's drop as the dollar strengthened due to concerns that persistently high U.S. inflation might postpone anticipated cuts in U.S. interest rates. Goldman Sachs has adjusted its peak summer price projection for Brent upwards, expecting a demand growth, notably from the U.S. and India, balanced against robust non-OPEC supply growth. Natural Gas Price Forecast Natural Gas (NG) experienced a notable surge, climbing 5.65% to $1.7760 in today's 4-hour trading session. This movement places NG above its pivot point at $1.7333, indicating bullish momentum. Resistance levels are identified at $1.8060, $1.8661, and $1.9291, marking potential targets for upward movement.	FXEmpire	Green Hydrogen Production Spurs New Spending in Green Hydrogen Storage Facilities
Asset managers' green U-turn exposes energy transition cakeism		One of the received tenets of the energy transition was that there was no trade-off between green investing and making money. The dirtier companies were going to underperform, while the cleaner ones would roar ahead. Investors could hence starve the former of capital and provide it in spades to the latter, doing their bit for the planet while making outsize returns. The narrative of a perfect correlation between doing good and doing well has now broken down. Witness the spate of high-level desertions suffered by Climate Action 100+, an association of investors that engages with polluting companies to reduce emissions. In a few days, it lost JPMorgan Asset Management, State Street and Pimco. BlackRock has moved its membership from the huge corporate entity to its much smaller international business.	Financial Times	BASF Touts Growth in North American Chemical, Battery Markets
Week 02/19/24 - 02/26/24		Increasing geopolitical tensions from Eastern Europe to the Middle East to Asia have both world leaders as well as energy commodity markets concerned. Are there meaningful resolutions forthcoming; such that the world can turn its attention to addressing economic stress and strife as well as determining a viable, sustainable path forward in regard to the energy transition and transformation? Or is the world going to find itself at an impasse as winter turns to spring, which itself unfolds into another likely summer of extremes, leading into a tumultuous COP29--with about 200 nations who pledged to wind down fossil fuels and triple renewables unable to set aside geopolitical agendas?
*MarCon (Market Condition 1-5, with 5 being the highest impact) indicates directional bias or price effect for the relevant commodity (Oil, Natural Gas, Chemicals, etc.) and is graded by our team of experts here at IIR.

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