[MUST READ] Xi recommits to zero-covid strategy (trans.)
China’s transport problems caused by virus control (trans.)
EU power pricing under scrutiny ($EF)
EU softens planned Russian oil embargo
India to re-open marginal coal mines
U.S. SPR presents plan for partial refill
U.S. oil and gas firms boost expenditure
Russia/Ukraine war is spreading ($WSJ)
DISTILLATESHORTAGES are pulling up crude spot prices and calendar spreads as refiners maximise crude processing to meet demand for freight and manufacturing fuel:
U.S. FINANCIAL CONDITIONS are tightening rapidly as investors and intermediaries anticipate higher interest rates and a slowing economy. The Federal Reserve Bank of Chicago’s national financial conditions index – derived from 105 indicators covering risk, credit and leverage – shows conditions are the tightest since the first wave of the pandemic in 2020, and before that 2016 and 2012. The adjusted index, which attempts to isolate purely financial rather than real-economy factors, is the tightest since 2020 and before that 2011:
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