Russia halts gas deliveries to Poland and Bulgaria
Germany says gas transit unaffected by dispute
Germany plans to seize Russian-owned refinery
Italy explores Russian-owned refinery seizure
EU remains reliant on Russian diesel imports
Britain plans to extend coal-fired generation
India plans to boost coal imports through 2025
China to boost infrastructure spending ($BBG)
China plans major infrastructure boost (trans.)*
Narratives about inflation and recession as epidemic
World Bank warns over energy and food prices shock
Indonesia needs Russian oil to keep prices down ($FT)
* The announcement was anodyne but significant the policy meeting was chaired by the president himself and the write up is the top item across all state-controlled media and government websites (Xinhua, NDRC and State Council) emphasising importance of the investment message and signal.
BRITAIN plans to extend coal-fired power generation at Drax to cope with gas and electricity shortages, according to the operator:
EUROPE’s gas traders were sanguine about the ability to replenish storage over the next few months ahead of next winter’s heating season, at least before Gazprom announced it would cut deliveries to Poland and Bulgaria. Benchmark futures for summer 2022 and winter 2022/23 gas have been high but stable for more than a month and the backwardation has remained narrow and also stable, indicating that most traders expected a regular storage fill:
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