European refiners find themselves with plentiful crude
Europe boosts Russian diesel imports ahead of sanctions
India’s refiners seek extra Russian crude before deadline
U.S. gas inventories erase deficit with late season refills
U.S. consumer spending from pandemic savings ($WSJ)
China promotes science and technology experts ($WSJ)
Central banks go back to basics ($BBG)
BRENT spot prices and calendar spreads are retreating as traders anticipate the market will be balanced or over-supplied in 2023, after having been under-supplied continuously since the middle of 202o. Business cycle downturns across Europe, Asia and North America are expected to reduce oil consumption absolutely or relative to trend, helping rebuild depleted inventories:
JKempEnergy.com 