Best in Energy – 19 May 2023

China’s outreach to Central Asia (Reuters)

Europe’s gas prices are normalising (FT)

Russia oil price cap is working (U.S. Treasury)

New Mexico’s oil production boom (Reuters)

U.S. residential energy consumption (Reuters)

BRENT calendar spreads have softened as crude supplies have remained plentiful despite Russia’s invasion of Ukraine and the U.S./EU sanctions imposed in response, while the cyclical slowdown in industrial and freight activity has weighed on petroleum consumption:

SINGAPORE’s port container throughput reached a seasonal record 3.26 million twenty-foot equivalent units (TEUs) in April 2023 up from 3.04 million in the same month a year earlier. Container freight through the port has shown signs of starting to recover since the end of the first quarter: