WTI crude oil dropped $4.88 to $102.07 (up 36%).
Gasoline declined 2.3% (up 48%)
Natural Gas sank 10.5% (up 75%).
April 21
– Bloomberg:
“An already sweltering summer and acute coal shortages are triggering blackouts across parts of India, raising fears of a new power crisis that could roil Asia’s third-biggest economy. A surge in demand for electricity has prompted states including Punjab and Uttar Pradesh in the north and Andhra Pradesh in the south to cut off supply. The disruption, as long as eight hours in some places, is forcing customers to either endure the heat or look for costlier back-up options.”
April 18
– Bloomberg:
“U.S. natural gas surged to a 13-year high, briefly breaking above $8 for the first time since 2008, as robust demand tests drillers’ ability to expand supplies. Front-month futures closed 7% higher… Monday. The last time prices were this high was August 2008, when hurricanes menaced offshore gas platforms in the Gulf of Mexico and searing summer weather stoked demand for power to run air conditioners.”
April 18
– Wall Street Journal:
“Rivian Automotive Inc. Chief Executive RJ Scaringe is warning that the auto industry could soon face a shortage of battery supplies for electric vehicles—a challenge that he says could surpass the current computer-chip shortage. Car companies are trying to lock up limited supplies of raw materials such as cobalt, lithium and nickel that are key to battery making, and many are constructing their own battery plants to put more battery-powered models in showrooms. ‘Put very simply, all the world’s cell production combined represents well under 10% of what we will need in 10 years,’ Mr. Scaringe said… ‘Meaning, 90% to 95% of the supply chain does not exist,’ he added.”
Gasoline declined 2.3% (up 48%)
Natural Gas sank 10.5% (up 75%).
April 21
– Bloomberg:
“An already sweltering summer and acute coal shortages are triggering blackouts across parts of India, raising fears of a new power crisis that could roil Asia’s third-biggest economy. A surge in demand for electricity has prompted states including Punjab and Uttar Pradesh in the north and Andhra Pradesh in the south to cut off supply. The disruption, as long as eight hours in some places, is forcing customers to either endure the heat or look for costlier back-up options.”
April 18
– Bloomberg:
“U.S. natural gas surged to a 13-year high, briefly breaking above $8 for the first time since 2008, as robust demand tests drillers’ ability to expand supplies. Front-month futures closed 7% higher… Monday. The last time prices were this high was August 2008, when hurricanes menaced offshore gas platforms in the Gulf of Mexico and searing summer weather stoked demand for power to run air conditioners.”
April 18
– Wall Street Journal:
“Rivian Automotive Inc. Chief Executive RJ Scaringe is warning that the auto industry could soon face a shortage of battery supplies for electric vehicles—a challenge that he says could surpass the current computer-chip shortage. Car companies are trying to lock up limited supplies of raw materials such as cobalt, lithium and nickel that are key to battery making, and many are constructing their own battery plants to put more battery-powered models in showrooms. ‘Put very simply, all the world’s cell production combined represents well under 10% of what we will need in 10 years,’ Mr. Scaringe said… ‘Meaning, 90% to 95% of the supply chain does not exist,’ he added.”