Best in Energy – 2 May 2023

Australia interest rate rise surprise (Reuters)

U.S. ethanol blend waiver reissued (Reuters)

China coal consumption set to rise (Reuters)

U.S. fuel use slips amid freight recession (FT)

India predicts heatwaves in May (Bloomberg)

Iran executed high-placed British spy (NYT)

U.S./Iran seized each other’s oil tankers (FT)

U.S. South’s low winter gas depletion (EIA)

Wind farm construction costs (Energy Monitor)

Nickel market moves into big surplus (Reuters)

New York to limit gas connections (Utility Dive)

CHINA’s manufacturers unexpectedly reported a fall in business activity in April after rapid growth in March and February. The purchasing managers’ index slumped to 49.2 (6th percentile for all months since 2011) down from 51.9 (92nd percentile) in March and 52.6 (96th percentile) in February. The surge in activity after the end of coronavirus controls and the passing of the exit wave appeared to have run out of momentum, at least temporarily:

U.S. GAS inventories rose by +79 billion cubic feet over the seven days to April 21. Inventories have tracked much higher than usual so far in 2023 and were at the highest level for the time of year since 2020 and before that 2017. Stocks were +280 billion cubic feet (+16% or +0.61 standard deviations) above the prior ten-year seasonal average up from a deficit of -261 billion cubic feet (-8% or -0.98 standard deviations) at the start of 2023: