India’s grid is struggling to supply record demand
(see also background article on power shortages)
U.S. grid faces reliability challenges this summer
Indonesia boosts energy subsidies by $24 billion
EU elects to turn from Russia gas back to coal ($FT)
Bloomberg’s plan to shake up UK journalism ($BBG)
U.S. PETROLEUM inventories including the strategic petroleum reserve depleted by another 8 million bbl to 1,691 million bbl last week. Inventories have depleted in 72 of the last 98 weeks by a total of 426 million bbl since the start of July 2020. The persistent shortage of oil is putting intense upward pressure on prices:
U.S. GASOLINE stocks fell by 5 million bbl to 220 million bbl in the week to May 13. Inventories have fallen for 14 of the last 15 weeks by a total of 30 million bbl and are now at the lowest for the time of year since 2014:
U.S S&P 500 equity index has fallen by 7% compared with the same period a year ago, and is down by 15% in real terms, as investors anticipate an imminent business cycle slowdown:
U.K. INFLATION has accelerated to 9%, the fastest rate since 1982 and one of the most significant price shocks since the Second World War:
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