ASX Large Caps: Oil stocks jump as Brent surges above US$110

It was all about commodities today, as the Bloomberg Commodity Spot Index recorded its biggest one-day gain in 13 years overnight.

Oil, gold, coal, all rose as Russia’s escalation of attacks in the Ukraine spelt more trouble for the supply side of the market.

The US and other major economies have announced the release of emergency oil stockpiles, but traders believe it won’t be enough.

Brent crude has now surged past US$110/barrel, as the International Energy Agency warned of a global energy security threat.

Meanwhile, after surging to over 2% in January, the benchmark US 10 year Treasury yield dropped a further 10 bp overnight to 1.72%, as traders reduced bets of a 50bp Fed hike in March.

The RBA’s meeting yesterday concluded with a decision to keep the cash rate at 0.1%, saying that the conflict in Europe is a “major new source of uncertainty” for the global economy.

On the ASX, investors today are playing to the commodities thematic, with Energy and Mining sectors climbing by 4.5% and 2.5% respectively.

The benchmark ASX 200 index climbed back from early losses to finish 0.22% higher.

BIG CAP WINNERS

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Code	Name	Price	% Change	Volume	Market Cap
CXO	Core Lithium	0.945	14.5%	78,097,746	$1,397,821,630
BFL	BSP Financial Group	5.48	9.6%	1,518	$2,336,117,115
CRN	Coronado Global Res	1.85	8.8%	11,143,194	$2,849,971,341
GRR	Grange Resources	1.085	8.0%	6,963,505	$1,163,125,391
ERA	Energy Resources	0.375	7.1%	493,605	$1,291,984,119
WHC	Whitehaven Coal	3.61	6.8%	17,204,430	$3,490,337,504
S32	South32 Limited	5.055	6.4%	37,854,732	$22,087,171,077
STO	Santos Ltd	7.72	6.3%	26,517,447	$24,589,051,070
WAF	West African Res Ltd	1.13	6.1%	3,183,845	$1,087,304,279
YAL	Yancoal Aust Ltd	4.24	6.0%	641,906	$5,281,757,748
WPL	Woodside Petroleum	30.39	6.0%	7,306,175	$27,809,040,770
SFR	Sandfire Resources	6.22	5.1%	5,321,925	$2,427,092,807
HTA	Hutchison	0.105	5.0%	9,142	$1,357,250,858
NHC	New Hope Corporation	2.8	4.9%	4,225,573	$2,222,393,409
RMS	Ramelius Resources	1.51	4.9%	6,252,746	$1,249,034,557
RIO	Rio Tinto Limited	123.1	4.5%	1,456,826	$43,736,694,333
SLR	Silver Lake Resource	1.87	4.5%	7,013,022	$1,665,002,422

Core Lithium (ASX:CXO) jumped 14.5% after signing a binding term sheet with Tesla for the supply of lithium spodumene concentrate from its Finniss Lithium Project.

Core will supply up to 110kt of spodumene concentrate to Tesla over 4 years, with pricing referenced to market price for spodumene concentrate.

Major oil plays like Woodside (ASX:WPL) and Santos (ASX:STO) rose by more than 5% off the back of oil prices.

BIG CAP LOSERS

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Code	Name	Price	% Change	Volume	Market Cap
PBH	Pointsbet Holdings	3.68	-11.8%	2,613,729	$1,102,044,089
JHG	Janus Henderson	43.34	-7.0%	244,557	$1,144,361,885
DDR	Dicker Data Limited	13.75	-6.3%	203,965	$2,537,243,072
MFG	Magellan Fin Grp Ltd	16.7	-5.9%	2,600,129	$3,294,548,691
ASM	Ausstratmaterials	8.36	-5.7%	466,763	$1,237,418,273
IMU	Imugene Limited	0.25	-5.7%	24,930,373	$1,549,393,834
URW	Unibailrodawestfield	4.88	-5.6%	963,847	$1,008,417,703
VUK	Virgin Money Uk PLC	3.23	-5.6%	6,568,449	$2,964,087,953
Z1P	Zip Co Ltd.	1.955	-5.6%	12,987,935	$1,218,888,210
CGF	Challenger Limited	6.55	-5.5%	2,801,879	$4,699,692,417
CUV	Clinuvel Pharmaceut.	20.03	-5.4%	142,549	$1,046,510,959
5EA	5Eadvanced	2.8	-5.1%	70,594	$1,232,194,645
PDL	Pendal Group Ltd	4.5	-4.5%	1,554,911	$1,804,634,098
JDO	Judo Cap Holdings	1.855	-4.4%	1,060,053	$2,144,682,364
IAG	Insurance Australia	4.4	-4.3%	11,680,989	$11,339,460,948
KLS	Kelsian Group Ltd	7.13	-4.3%	310,525	$1,627,072,908