U.S./Russia caution about sanctioning oil and gas
U.S./EU cautious on Russian oil and gas curbs ($FT)
Europe/Russia LNG disrupted by legal uncertainty
China/Russia coal trade hit by U.S. dollar sanctions
Russia is world’s largest supplier of nuclear fuel ($BBG)
Airspace closures hit long-haul flying routes ($WSJ)
China plans exit from zero-covid strategy ($WSJ)
Taiwan blackouts hit 5 million households
Britain needs more high-productivity firms ($BBG)
U.S. SPR crude oil release authority under U.S. law *
* The International Energy Agency likely ordered the release of 60 million barrels from emergency reserves, with the United States contributing 30 million barrels, because this is the maximum the president can authorise under the provisions of 42 USC 6241(h) without invoking a more serious international energy crisis under the terms of 42 USC 6241(d).
EU28 GAS inventories are on course to end the winter around 259 TWh compared with a pre-pandemic five-year average of 315 TWh. Europe will need to attract significant gas imports, and reduce consumption over the spring and summer, to rebuild depleted inventories ahead of winter 2022/23, which will likely keep prices much higher than normal for the rest of the year and into next year:
EUROPEAN benchmark gas futures for deliveries at the heart of next winter in January 2023 climbed to a record €150 per megawatt-hour on Wednesday as traders anticipated the shortage of gas will last through the rest of this year and into 2023, with the economic conflict between the EU and Russia making it more difficult to rebuild depleted stocks this summer:
EU EMISSIONS prices are sliding as traders anticipate a business cycle slowdown that will cut energy consumption and emissions across the region this year:
AUSTRALIA’s front-month coal futures price has surged to a record $440 per tonne, up from less than $170 at the end of last year, as sanctions disrupt coal exports from Russia:
JKempEnergy.com 