G7/Vietnam plan aims to avert big increase in coal
Germany spends heavily to offset energy shock
China’s coal output hit record high in November
China accumulates inventories of cheaper crude
U.S. cargo terminals sold to container lines ($WSJ)
Tanker rates rise on war, sanctions, longer routes
Drax coal-fired unit to start up in test run ($BBG)¹
Mekong hydro dams and sediment flow
U.S. refiners report higher profits
¹ Running a “test” of the cold-start process at Drax on December 16 just four days after the coal-fired power plant received instructions (subsequently cancelled) to light up and prepare to generate for “real” on December 12 to help with insufficient reserve margins is interesting timing.
U.S. DISTILLATE inventories increased by +1 million barrels to 120 million barrels over the seven days ending on December 9. Stocks are still -16 million barrels (-12%, -0.79 standard deviations) below the pre-pandemic five-year average, but the deficit has halved from -34 million barrels (-24%, -2.05 standard deviations) on October 7. The biggest seasonal inventory accumulation for at least two decades has erased a large part of the previous shortage:
JKempEnergy.com 