Brazil’s state-run oil company Petroleo Brasileiro SA (Petrobras) is requesting the Mines and Energy Ministry for clarifications on President Bolsonaro’s remarks that the recent 39% spike in natural gas prices is “unacceptable”. Bolsonaaro further added that while he will not interfere, the company’s pricing policy could still be changed. Petrobras is asking the ministry for information that “should have been released to the market” and the ministry has yet not responded.

Bolsonaro’s comments pushed Petrobras’ preferred and ordinary shares down 1.7% and 1.9%, respectively on Thursday in early trading before closing largely flat after Bolsonaro’s remarks. The preferred shares were down 0.08% at closing.

Petrobras bonds were slightly up with its EUR 4.25% 2023s up 0.11 to 108.06, yielding 0.93% and its USD 5.75% 2029s up 0.79 to 110.915, yielding 4.1%.

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