China to cut reliance on coal imports ($BBG)
Diesel shortage pushes up prices ($BBG)
India plans to take more Russian crude
Steel sector decarbonisation trajectories
China’s government priorities for 2022
(see also the premier’s press conference)
China’s nickel hedger explores delivery
New Zealand cuts fuel taxes temporarily
France to rebate fuel charges temporarily
China/Russia gas and transition pathways
Recession indicators are increasing ($BBG)
Inflation is top issue for U.S. voters ($WSJ)
Europe/Asia prepare to battle for gas ($BBG)
U.S./Venezuela talks run into opposition ($FT)
Russia corporate exits, uncertain return ($BBG)
Digital currency and banking systems ($BBG)
Shipbuilders benefit from LNG boom ($FT)
EUROPE’s gas futures prices have fallen sharply in recent days amid an improving supply situation and expectations for an early de-escalation of the conflict between Russia and Ukraine. Front-month futures prices have almost halved to €118/MWh from €227/MWh a week ago. The six-month calendar spread from midsummer July 2022 to midwinter January 2023 has shrunk to less than €18 from almost €72 a week ago, implying less anxiety about rebuilding inventories before next winter:
EUROPE’s gas inventories are becoming slightly more comfortable as ultra-high prices and mild weather curb consumption. EU and UK inventories are on course for a post-winter low of 265 TWh up from a projection of 257 TWh two weeks ago and 238 TWh a month ago:
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