U.S. president ends strategic ambiguity on Taiwan
India cuts fuel taxes and boosts subsidies
Russia ends gas deliveries to Finland on pay dispute
Global refiners in dilemma whether to boost capacity
Electricity supplies are stretched worldwide ($BBG)
Saudi Arabia reiterates commitment to OPEC+ ($FT)
Fuel tax cuts are poor response to high prices ($BBG)
BRENT’s six-month calendar spread has increased to a backwardation of more than $13 per barrel, up from just $3 in early April, as traders anticipate planned EU sanctions on Russia’s petroleum exports will intensify the global shortage of crude oil and refined products:
U.S. RIG COUNT rose by +14 to 728 last week, with the addition of +13 rigs targeting oil-rich rock formations and +1 rig targeting predominantly gas-rich rock. The number of rigs drilling for oil has risen by +404 from its cyclical low in August 2020 but is still -107 below the pre-pandemic level:
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