Best in Energy – 16 May 2023

U.S. electric vehicle deployment projection (EIA)

EU wants end Russian oil imports via India (FT)

U.S. SPR plans to buy 3 million barrels (DOE)

Vietnam approves power plan to 2030 (Reuters)

China promotes intelligent coal mining (Xinhua)

Marathon refinery suffers fatal incident (Reuters)

U.S. DIESEL crack spreads for December 2023 have firmed to $191 per tonne on May 15 up from a recent low of $172 on April 28. Inventories have tightened despite the weakness in the industrial business cycle:

BRENT futures have drifted lower since mid-April as the impact of OPEC⁺’s unexpected production cuts has been more than offset by concerns about a slowing global economy and the strength of consumption. Prices for the remainder of 2023/24 are close to their lowest levels since the start of 2022: