Best in Energy – 5 August 2022

Saudi/UAE save spare capacity for emergency

EU fills gas storage but ten times normal cost

EU explores gas-to-fuel oil switching ($BBG)

GLOBAL FOOD PRICES fell for the fourth month running in July, according to the UN Food and Agriculture Organization’s price index, but they are still +13% higher than in the same month in 2021:

U.S. INITIAL CLAIMS for unemployment insurance benefits are trending upward, with an average of 255,000 claims filed in the four weeks ending on July 29, up from 171,000 in the four weeks ending on April 1, indicating the job market has started to cool:

U.S. GAS INVENTORIES increased by +41 billion cubic feet last week and have risen by +1,075 bcf in total since the start of April. But stocks are still -377 bcf (-13%) below the pre-pandemic five-year average for 2015-2019 and show no sign of erasing the deficit:

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