Russia gas pipelines hit by suspected sabotage¹
Nord Stream says three lines damaged in one day¹
U.S./EU lobby for Russian oil exports price cap
LNG market consolidated by higher credit costs
Nigeria’s electricity collapses for fourth time in 2022
California tries to balance EVs with grid limits ($WSJ)
U.S. refined petroleum exports hit record high
U.K. energy agency distracted by restructure ($FT)
U.S./China academic exchanges diminish ($FT)
U.S./China cyber-espionage (trans.)
¹ Like damage to other subsea pipelines and cables, the leaks in the Nord Stream 1 and 2 pipelines could have been caused accidentally by a trawler, a ship’s anchor dragging, or a submarine. But pipelines are marked on nautical charts and such incidents are rare. The probability of two pipelines being accidentally breached at the same time, reportedly in three separate locations, when both lines are at the centre of a major international dispute, is very low, which makes it much more likely they were unintentionally damaged by a submarine or deliberately sabotaged.
BRENT’s front-month futures price is back to year-ago levels once adjusted for core inflation excluding food and energy prices. The real price of $85 per barrel (U.S.$2022) is close to long-term averages since 2010 (53rd percentile) and 2000 (46th percentile) though still somewhat above the average since 1990 (69th percentile):
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