Renewables deployment accelerated by energy crisis
North Carolina substations in sophisticated sabotage
Oil tankers in queue to transit Turkish straits ($FT)
France prepares for tight power supplies next week
New England grid outlines winter reliability plan
EU retail sales fall with economy in recession ($WSJ)
EU plan for gas price cap distracts from real problem
U.S. jet fuel consumption below pre-pandemic level
BRENT’s six-month calendar spread has collapsed to a backwardation of just 67 cents per barrel (54th percentile for all trading days since 1990) from $8 (98th percentile) at the start of November. Month-to-month spreads are flat through April 2023. Traders anticipate crude supplies will remain comfortable through the first few months of next year because: (a) the EU/G7 price cap on Russia’s exports was set at a relatively high level; (b) policymakers have signalled a relaxed approach to enforcement (c) refiners have boosted purchases and inventories ahead of the price cap’s introduction; and (d) the slowing global economy is expected to dampen oil consumption:


