Europe’s energy crisis eased by mild weather ($BBG)
U.S./Venezuela crude oil trade set to resume
Russia/China struggle to bridge gaps on Ukraine
France energy security improves on mild weather
U.S. shale oil production growth slows in 2022/23
U.S. winter storm reveals energy fragility ($BBG)
U.S. regional indicators point to future recession
Semiconductor market moves into surplus ($WSJ)
Global supply chains starting to normalise ($WSJ)
Tesla discounts to clear excess inventories ($WSJ)
United Kingdom explores more steel subsidies ($FT)
CHINA’s manufacturers reported a severe contraction in business activity in December as coronavirus infections surged following the end of the government’s suppression policy. “The epidemic has had a great impact on the production and demand of enterprises, the arrival of personnel, and logistics and distribution,” according to the National Bureau of Statistics. The purchasing managers index fell to 47.0 (1st percentile for all months since 2011) in December down from 48.0 in November (2nd percentile) and 50.1 (26th percentile) in September:
NORTHWEST EUROPE’s temperatures ended 2022 much higher than normal, sharply reducing gas consumption and pulling down prices. On December 31, the average temperature at Frankfurt in Germany was almost +14°C higher than the long-term seasonal average. Frankfurt has experienced 764 cumulative heating degree days so far in winter 2022/23 compared with a seasonal average of 901, a deficit of -15%:
JKempEnergy.com 