EU proposes ban on Russian coal from August
China/Australia coal ban as awkward precedent
IEA countries to release further 60 million bbl
Russia/China switch payments to yuan ($BBG)
Shell writes off $5 billion for exit from Russia
Shanghai quarantine facilities expand (trans.)
U.S. ethane consumption is growing
U.S. jet fuel supplies tighten ($BBG)
U.S. PETROLEUM inventories including the SPR rose by +1 million bbl last week – the first increase for 13 weeks and the first increase this year:
U.S. DISTILLATE inventories have risen by a total of +2 million bbl over the two most recent weeks after declining in 9 of the 10 previous weeks by -17 million bbl, as exceptionally high fuel prices incentivise more production and discourage consumption:
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