EU/Russia coal ban would strain supply ($BBG)
U.S. central bank signals rapid move to neutral
U.S. Treasury warns of economic shock ($BBG)
Europe’s economy faces energy shock ($BBG)
India’s coal imports to rise in 2022/23
Argentina’s gasoil consumption rises
Crude physical benchmarks weaken
LME sees sharp reduction in positions
California’s emissions price increases
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* Industrial metals www.reuters.com/authors/andy-home
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* Energy markets www.reuters.com/authors/john-kemp
EUROPE’s midsummer-midwinter gas futures calendar spread from July 2022 to January 2023 has narrowed sharply to a backwardation of less than €4/MWh down from a record €72 in early March. To ensure inventories can be accumulated over the next six months for use next winter, without incurring large losses, the spread needs to move into contango to cover storage costs. The July 2022 futures price must fall, the January 2023 price must rise, or both. So far, both prices appear to be adjusting in the expected direction:
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