EU divided over response to high gas and power prices
Japan calls for electricity saving after earlier earthquake
Japan’s power supplies stretched after earthquake ($BBG)
Australia/Russia alumina embargo boosts end metal prices
China orders coal stocks replenished immediately ($BBG)
Vitol warns of volatility and margining challenges ($FT)
Jilin hit by widespread coronavirus outbreak (trans.)
Russia’s role as a uranium fuel exporter ($WSJ)
Global uranium supply dominated by Russia
U.S. energy-related CO2 projections through 2050
JAPAN called for electricity conservation as temperatures plunged and stretched power supplies after an earthquake damaged generation last week:
EU+UK GAS inventories are on course to an expected post-winter low of 272 TWh with a likely range of 238-292 TWh. Mild temperatures and ultra-high prices have reduced gas consumption while the region has continued to attract imports. As a result, the post-winter projection has improved significantly from just 215 TWh on Dec. 26. The region still needs to accumulate much higher-than-normal inventories over the next six months but every TWh saved now is one TWh of inventory that will not be needed later:
EU GAS prices have fallen as the inventory outlook has become more comfortable and the likelihood of an immediate cessation of pipeline imports from Russia has appeared to recede. Front-month futures prices have fallen to €96/MWh from a record €227 on March 7. The summer July 2022 to winter January 2023 calendar spread has shrunk to a backwardation of less than €9 from almost €72 on March 7. The market is still signalling the need for a large and urgent refill of inventories but is no longer trading at the crisis levels of two weeks ago:
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