Texas grid anticipates record electric load this week
OPEC⁺ and the growing gap between rhetoric and reality
U.S./Saudi rapprochement forced by rising oil prices ($FT)
Argentina struggles to boost Vaca Muerta shale play ($FT)
Germany’s policy conflicts over LNG expansion ($FT)
Africa’s shortage of local crude oil refining capacity ($FT)
MISO’s generation reserve could fall very low this summer
MISO prepares for power shortages and demand reductions
Russia/Ukraine war will reshape global energy flows ($WSJ)
TEXAS ELECTRICITY CONSUMPTION has increased at a compound rate of +1.70% per year over the last five years, notwithstanding the pandemic and recession in 2020. Electricity sales to end-users in the state totalled 433 TWh between April 2021 and March 2022 (the latest data available) up from 398 TWh between April 2016 and March 2017:
U.S. PETROLEUM INVENTORIES including the strategic petroleum reserve depleted by another -5 million bbl to 1,681 million bbl in the week to May 27. Stocks have fallen in 74 of the last 100 weeks by a total of -436 million bbl since the start of July 2020:
U.S. EAST COAST DISTILLATE stocks fell by another -0.6 million bbl to just 21.0 million bbl in the week to May 27. Regional distillate inventories are now -23 million bbl (-52%) below the pre-pandemic five-year average and the supply position shows no sign of improving:
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