Commodity traders keep Russian exports flowing
OPEC+ officials call for increased understanding
EU carbon market operations – regulator review
IEA defers decision on energy data subscriptions
Germany’s dependence on Russian oil ($BBG)
Japan nuclear restarts win more support ($BBG)
Russia sanctions threaten LNG ship orders ($FT)
U.S. shale output limited by supply chain ($FT)
Freight costs rise in response to diesel ($WSJ)
Middle East diplomatic negotiations ($WSJ)
Shanghai financial district in lockdown (trans.)
Shenzhen relaxes coronavirus controls (trans.)
Battery storage: grid-service and load-shifting
Hedge funds position for yield curve inversion
RECESSION signals are intensifying with the two-to-ten year segment of the U.S. Treasury yield curve within 12 basis points of inverting and in the 88th percentile for all months since 1990. The U.S. economy has been in a formal end-of-cycle recession as defined by the National Bureau for Economic Research for just over 9% of the time since 1990:
U.S. OIL producers have added drilling rigs at a rate of just over 4 per week since the start of the year, essentially the same rate since August 2020, but slower than during the previous recoveries after price slumps in 2015/16 and 2008/09:
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