EU proposes full embargo on Russia oil by end of year
(see Von der Leyen’s speech to European Parliament)
U.S./Russia/China trilateral diplomacy and sanctions
Semiconductor shortage to be prolonged ($WSJ)
India raises coal production to record high ($FT)
China/Russia oil trade rises with discounts ($FT)
Russia/India oil trade rises with discounts ($BBG)
U.S. Northeast diesel inventories deplete ($BBG)
Multilateralism and symbolic walkouts ($WSJ)
U.S. GAS PRICES have climbed to $8 per million British thermal units, based on the front-month futures contract for deliveries at Henry Hub. In real terms, prices are the highest since November 2008, when the financial crisis had started to intensify and the economy was heading deeper into recession. The inflation-adjusted price is in the 82nd percentile for all months since 1990, creating an incentive for more gas drilling as well as maximum fuel-switching away from gas in power generation:
JKempEnergy.com 