Chesapeake to reduce gas drilling and completions
Auto firms split on electrification timeline ($WSJ)
Commodity markets adapt to Russia/Ukraine war
Europe’s gas storage and refill for winter 2023/24
U.K. government to cut costs for big energy users
U.K. steelmaker plans to close coking ovens
U.S./Russia/China armaments supply ($WSJ)
IEA chief warns EU about complacency ($FT)
BRENT’s six-month calendar spread is trading in a backwardation of $1.80 (71st percentile for all days since 1990). The spread has tightened from a contango of $0.65 (34th percentile) since December 9 as expectations for a soft-landing in the global economy have increased. But it is well below levels before Russia’s invasion of Ukraine, implying the market is comfortably supplied despite sanctions on Russia and output restraint by OPEC⁺ and U.S. shale firms:
JKempEnergy.com 