China’s lockdowns are cutting oil consumption
U.S. officials indicate Russia oil cap around $60
Hungary warns against capping Russia gas price
U.S. digital assets boosting energy consumption
India alert as generators’ coal stocks fall ($BBG)
California text messages conserve power ($WSJ)
INDIA’s power producers hold coal stocks equivalent to 10 days of consumption compared with just 4 days at the end of September 2021 and 11 days in September 2019. In recent years, September has marked the low-point in the annual inventory cycle. At the moment stocks appear sufficient to avoid widespread generator closures but the government is monitoring levels closely:
U.S. PETROLEUM INVENTORIES including the strategic reserve increased by +4 million barrels last week. But inventories have declined in 84 of the last 114 weeks by a total of -450 million barrels since the start of July 2020 illustrating the persistent shortage of oil available to the market. Stocks are at the lowest seasonal level since 2004 and are still trending lower:
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