Best in Energy – 6 April 2023

Best in Energy will resume after Easter on Wednesday April 12.

OPEC⁺ output cuts set to test $60 cap on Russia’s oil sales

Exxon halts Brazil deepwater exploration project ($WSJ)

Exxon completes start up of new Texas crude refining unit

New Zealand aluminium smelter’s demand response deal

Global oil tanker voyages redrawn by sanctions on Russia

Sweden tries to dampen speculation about Nord Stream

France/China summit given cautious coverage (trans.)

EU/China summit attempts to de-escalate tensions ¹

Iran/Saudi Arabia foreign ministers meet in China

¹ China’s state-controlled media has relatively limited coverage so far of the summit meeting with French President Emmanual Macron, and almost none on the meeting with European Commission President Ursula von der Leyen, implying expectations for a major “reset” or improvement in the relationship are modest.

U.S. RAILROADS hauled 10% fewer shipping containers in the first 13 weeks of 2023 compared with the same period in 2022, according to the latest weekly traffic report from the Association of American Railroads, confirming that a significant cyclical slowdown is underway:

U.S. NON-MANUFACTURING businesses reported a much less widespread expansion in March. The Institute for Supply Management’s purchasing index covering the services, agriculture and mining sectors fell to 51.2 (13th percentile for all months since 1997) in March down from 55.1 (40th percentile) in February. The non-manufacturing index is more volatile and less reliable than its manufacturing counterpart. Nonetheless, it has been trending lower as the non-manufacturing sector follows manufacturers into a significant cyclical slowdown:

Published by

John Kemp

Energy analyst, public policy specialist, amateur historian