Germany declares stage two gas emergency
(see official statement in translation)
U.S. presses EU to relax oil sanctions ($WSJ)
Biden requests three-month fuel tax holiday
Biden’s broken relations with oil and gas firms
Supply constraints trip up policymakers ($FT)
Batteries for grid storage – beyond lithium ion
EUROPEAN manufacturers are on the leading edge of a recession. Preliminary readings show the eurozone purchasing managers’ index has slipped to 52.0 (47th percentile) down from 54.6 (65th percentile) in May and a record 63.4 in the same month a year ago:
U.S. GASOLINE SUPPLIED averaged 8.86 million b/d in March 2022 compared with 9.18 million b/d in March 2019 (-328,000 b/d, -3.6%).
U.S DISTILLATE SUPPLIED averaged 4.16 million b/d in March compared with 4.18 million b/d in March 2019 (-23,000 b/d, -0.5%).
The differential recovery in distillate and gasoline consumption after the pandemic helps explain the relative shortage of diesel, as well as jet fuel, and why mid-distillate crack spreads and prices have been pulling the whole petroleum complex higher:
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