[MUST READ] Russia targets Ukraine power grid
Shadow tankers fleet rises to 600 vessels ($BBG)
London heat island and excess mortality ($BBG)
South Africa’s coal exports hit by gangs ($BBG)
U.S. labour market’s surprising strength ($BBG)
China’s balloon flight and U.S. countermeasures
China’s previous balloon overflights ($WSJ) ¹
China’s high-altitude balloon programme ($FT)
¹ China’s high-altitude balloon overflight across North America and the U.S. decision to shoot it down is being almost totally ignored by the country’s main state-controlled media, suggesting the government is still deciding its response and/or is keen not to allow the episode to worsen relations further.
U.S. OIL DRILLING is slowing in response to the slide in prices since the middle of 2022 (when WTI was trading around $120 per barrel) especially since the start of November (when it was still $90-95). Typically there is a 15-20 week lag between a change in futures prices and a change in number of active rigs. The number of rigs drilling for oil has fallen in 7 of the last 9 weeks by a total of -28 rigs (-4%). The drilling reduction is the largest since July and August 2020 when the industry was still in shock after the first wave of the pandemic and the volume war between Russia and Saudi Arabia:
JKempEnergy.com 