China struggles to suppress outbreak (trans.)*
China manufacturers hit by outbreak ($WSJ)
EU bans Russia coal imports from August 2022
Japan plans to wind down Russia coal imports
Russia’s oil and diesel export blending ($BBG)
LME stocks fall to multi-decade low ($BBG)
LME zinc inventories set to deplete rapidly
Shell’s hedging related outflows of $7 billion
Russia/Ukraine war and removing sanctions
White House invokes defence production law
Coal buyers scramble for Russia replacements
* Xinhua’s lead article on the coronavirus outbreak in Shanghai illustrates the scale of the challenge, with more than 100,000 cases in the latest outbreak in the megacity, as well as the government’s decision to stick with the “dynamic clearing” zero-coronavirus suppression strategy.
BRENT’s six-month calendar spread has fallen to a backwardation of less than $5 per barrel from a record high of more than $21 a month ago, as the pledge by IEA members to offer 240 million barrels of oil from government-controlled strategic reserves over the next six months has eased traders’ concerns about short-term availability:
U.S. MANUFACTURERS reported new orders for nondefense capital equipment excluding aircraft were up +11% in cash terms in the three months from December to February compared with the same period a year earlier. But growth has decelerated significantly with nominal orders advancing at an annualised rate of only +6.48% in the latest three months, the slowest increase since July 2020, when the economy was emerging from the first wave of the pandemic and lockdowns:
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