[MUST READ] Europe must reduce gas consumption now, warns IEA
Russia/Europe locked in economic war of attrition ($WSJ)
Texas deploys power grid emergency measures ($BBG)¹
U.S./GCC summit ends with more oil output uncertain
Hebei’s efforts to reverse groundwater depletion (trans.)
¹ Power grid managers in Texas and elsewhere have a variety of tools to cope with an imminent emergency caused by insufficient generation, including orders to generators for “maximum generation” (mandating output from individual units above their normal recommended operating levels); “no touch” (prohibiting all but critical maintenance and repairs to enable maximum generation and transmission); “reliability must-run” (requiring and paying units to run regardless of their normal economics); and “system-to-system” mutual aid (requesting maximum imports from neighbouring networks). The isolated nature of the Texas grid restricts STS opportunities for ERCOT but it is frequently used in other networks. On the demand side, grid managers can invoke voluntary demand reduction contracts, issue public appeals for conservation, order voltage reductions (usually in two stages), and in the final resort use forcible disconnection, loading shedding and rotating blackouts.
LONDON temperatures have started to ramp towards a likely record on Monday and Tuesday, as the heat builds over southeast England, with each day’s temperature profile hotter the last:
U.S. CRUDE oil inventories around the NYMEX WTI delivery point at Cushing in Oklahoma stand at just 21.6 million bbl, the lowest seasonal level since 2014 and before that 2008, when front-month WTI prices were at $122 and $170 respectively adjusted for inflation:
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