Best in Energy – 12 May 2023

U.S. SPR could start refill after June (Reuters)

U.S. SPR refill becomes contentious (Prospect)

China issues new fuel export quotas (Reuters)

U.S. public support for nuclear power (Salon)

Giffen goods and the impact of inflation (FT)

Russia’s oil and the shadow fleet (Bloomberg)

El Niño to cut Thai rice exports (Bloomberg)

U.S. INITIAL CLAIMS for unemployment insurance benefits climbed to a seasonally adjusted 264,000 in the week ending on May 5, the highest since October 2021. Initial claims have been trending higher since October 2022 and more clearly since the end of January 2023 in a sign the labour market is starting to cool:

U.S. GAS inventories rose +78 billion cubic feet to 2,141 billion cubic feet over the seven days ending on May 5. Stocks are +257  billion cubic feet (+14% or +0.58 standard deviations) above the prior ten-year seasonal average. The surplus has remained broadly unchanged for the last 8-9 weeks since early March: