Best in Energy – 20 April 2023

Global refining capacity to surge in 2023/24 (Bloomberg)

EU gas consumption dropped 18% in August-March (FT)

El Niño likely to increase temperatures in 2023 (Reuters)

Germany’s plan to phase out oil and gas heating (Reuters)

Pakistan starts buying Russian crude (Reuters)

EUROPEAN UNION gas consumption was significantly below the prior ten-year seasonal average every month between October and March. In the big seven consumers (Germany, Italy, France, Netherlands, Spain, Belgium and Poland) consumption fell by -15% over the six-month period, mostly as a result of warmer-than-normal weather and industrial shutdowns:

U.S. JET FUEL inventories have normalised from a large deficit six months ago. Stocks were +0.2 million bbl (+0.4% or +0.06 standard deviations) above the prior ten-year average on April 14, erasing a deficit of -6.3  million bbl (-15% or -2.83 standard deviations) on October 2:

Published by

John Kemp

Energy analyst, public policy specialist, amateur historian