Best in Energy – 5 May 2023

India/Russia currency settlements (Reuters)

Westinghouse plans small reactors (Reuters)

India to curtail new coal generators (Reuters)

Arctic ocean territorial disputes (Bloomberg)

China’s nascent carrier capability (Reuters)

Oil consumption growth (Bloomberg)

U.S. consumer spending (Bloomberg)

U.S. home energy consumption (EIA)

U.S. DIESEL crack spreads continue to soften as traders anticipate a cyclical slowdown in consumption and recovery in inventories, as well as global increases in refinery capacity. The crack spread for diesel delivered in December 2023 compared with Brent has fallen to around $180 per tonne from $260 at the start of 2023 and a record $316 in mid-October 2022. The average was around $145-150 in 2021 before Russia’s invasion of Ukraine:

Best in Energy – 8 November 2022

Europe squeezes LNG supply for emerging markets ($BBG)

Russia sends tanker to China via northern sea route ($BBG)

China to boost diesel exports as new refineries start up

China’s oil imports rise as new refineries build stocks

Nvidia downgrades semiconductors for China ($WSJ)

U.S. coal-fired generators scheduled to retire by 2029

Renewable diesel output grows rapidly from low base

Fusion firms target commercial models by 2030s ($FT)

China explores gradual retreat from lockdowns ($WSJ)

ATMOSPHERIC concentrations of carbon dioxide (CO2) at the Mauna Loa observatory on Hawaii rose to 415 parts per million (ppm) in October 2022 up from 404 ppm in October 2017 and 391 ppm in October 2012. CO2 concentrations have increased at a compound annual rate of +0.57% per year between 2017 and 2022. On the current trajectory, concentrations are likely to reach 430 ppm, the maximum scientists say is consistent with +1.5°C of average global warming, in 2027:

Best in Energy – 12 September 2022

German households stock up on electric heaters¹

Germany’s north benefits from wind resources

France appeals for grid-to-grid support ($FT)

Droughts and hydropower reliability ($WSJ)

Boreal forests and a warming climate ($FT)

HEDGE FUNDS and other money managers increased short positions in NYMEX WTI futures and options by +2 million bbl to 44 million bbl in the week to September 6, among the largest number of short positions since Russia’s invasion of Ukraine in late February. Bearish sentiment has been gradually building since the start of June as the economy slows under the combined impact of supply chain problems, inflation and rising interest rates:

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