Best in Energy – 30 May 2023

China’s economic rebound has lost momentum (WSJ)

China’s dependence on fuel and fuel imports (Guardian)

China’s firms slash costs of silicon wafers (Bloomberg)

U.S./China strategic competition and risk reduction (FT)

Saudi Aramco’s contested equity valuation (Bloomberg)

Saudi Arabia becomes major diesel trading hub (Reuters)

UAE chairmanship of climate conference criticised (FT)

India’s new refineries may be smaller in future (Reuters)

Vietnam cuts street lighting to conserve power (Reuters)

HEDGE FUNDS and other money managers increased short positions in NYMEX WTI by +10 million barrels to 72 million barrels over the seven days ending on May 23. Bearish short positions had increased by a total of +50 million barrels over the five weeks since April 18:

U.S. OIL AND GAS drilling activity continued to slow in response to the fall in prices since the middle of 2022. The number of active rigs fell by -9 over the seven days ending on May 26 and has dropped by a total of -73 (-9%) since the start of December 2022:

Best in Energy – 28 March 2023

China’s coal imports rebound as economy restarts

France hit by fuel shortage due to industrial unrest

Kurdish regional oil output falls after pipeline halt

Sustainable aviation fuel adoption in United States

U.S. renewable generation surpasses coal or nuclear

Freight forecasts downgraded on stock glut ($WSJ)

U.S. retailers negotiate cuts in freight rates ($WSJ)

U.S. shale producers avoid forward oil selling ($FT)

Aramco’s downstream integration into China ($FT)

Aramco downstream integration into China ($BBG)

Central banks constrained by inflation targets ($FT)

U.S. CONTAINER PORTS handled loaded boxes amounting to 2.24 million twenty-foot equivalent units (TEUs) in February 2023, down from 2.77 million TEUs in February 2022, and the lowest for the time of year since 2015. Businesses are still trying to reduce excess inventories as a result of the pivot from spending on merchandise to services following the lifting of epidemic controls, as well as the general slowdown in the business cycle:

Best in Energy – 27 March 2023

Iraq to control oil exports from Kurdish region

EU plan to diversify critical materials sourcing

Recycling and the availability of critical metals

U.S./China compete to control undersea cables

Australia LNG exports and domestic customers

Aramco to boost low-sulphur distillate exports

China boosts coal output to cut import reliance

Iran’s leaders debate change from above ($FT)

Russia’s shadow tanker fleet raises risk ($BBG)

Russia’s diesel exports hit record high ($BBG)

China’s contract exporters struggle ($FT)

Oil price fall accelerated by hedges ($WSJ)

Oil price rebound – delayed? ($BBG)

Iraq’s oil output growth has stalled

EUROPE has made an early start refilling gas storage ahead of winter 2023/24. Storage has risen in six out of the most recent eight days as increasing temperatures cut gas consumption while high prices continue to restrain demand and attract imports. Storage facilities were 56.0% full on March 25, a record for the time of year, slightly exceeding the previous peak on March 25, 2020: