Germany to boost gas storage, restart coal generation (trans.)
Italy reports persistent shortfall in gas supplies
East China reports record power consumption
China restricts Tesla cars for national security
China iron ore prices tumble on weaker demand
China’s refineries idled amid lockdowns ($BBG)
EU/Russia gas flows cut as dispute worsens (FT)
Germany appeals for energy conservation ($FT)
EUROPE’s summer-winter gas futures calendar spread from July 2022 to January 2023 has surged into a backwardation of more than €5/MWh from a contango of €14 earlier this month as the dispute between Russia and the European Union has worsened and Russia has cut pipeline exports. Traders expect Europe will struggle to fill gas storage following the reduction of pipeline flows and will need even higher prices to enforce greater gas conservation. The backwardation is the most severe since early April:
CHINA’s most actively traded iron ore futures contract has slumped to $116/tonne from $146 a little over two months ago, as persistent lockdowns to control the coronavirus epidemic disrupt consumption:
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