Best in Energy – 10 March 2022

OPEC+ attempts to maintain unified position

Biden tries to deflect blame for rising fuel prices

BP’s rapid decision to exit from stake in Rosneft

ENI stops buying Russian oil

Russia oil tanker struggles to find discharge port

China’s independent refiners to cut processing

U.S./Russia oil embargo is a balancing act ($FT)

Asia’s manufacturers hit by rising costs ($BBG)

Europe’s fertiliser makers cut production ($BBG)

U.S. DISTILLATE fuel oil inventories fell by -5 million bbl to 114 million bbl last week- the lowest seasonal level for more than 15 years. Distillate stocks were already looking tight and are now on track to become exceptionally tight before mid-year. Distillate inventories are on course for an expected first-half low of 103 million barrels (with a range of 92-114 million). Stocks are on track to hit their lowest seasonal level since 2008, when distillate shortages helped propel crude oil prices to a record high at the middle of the year:

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Published by

John Kemp

Energy analyst, public policy specialist, amateur historian