WTI crude oil up $5.08 to $109.77 for the week
(up 46% year to date)
Gasoline up +8.3% for the week
(up 69% y-t-d)
Natural Gas up +11.0% for the week
(up 116% y-t-d)
May 2 – Bloomberg:
“Record fuel exports from the U.S. Gulf Coast are eating into domestic supplies, leaving gasoline and diesel tanks on the East Coast emptier than they have been in decades. As much as 2.09 million barrels a day of gasoline, diesel and jet fuel shipped out of the refining hub in April, the highest level since oil analytics firm Vortexa began tracking the data in 2016. The bulk of the exports went to Latin America. The strong pull from overseas shows the world needs U.S. Gulf Coast refiners more than ever.”
May 3 – New York Times:
“Already frustrated and angry about high gasoline prices, many Americans are being hit by rapidly rising electricity bills, compounding inflation’s financial toll on people and businesses. The national average residential electricity rate was up 8% in January from a year earlier, the biggest annual increase in more than a decade… In Florida, Hawaii, Illinois and New York, rates are up about 15%...”
May 3 – Bloomberg:
“The U.S. is shipping the largest amount of crude oil to Europe since Washington ended its ban on exports more than six years ago as buyers seek alternatives to Russian supplies. In April, U.S. producers exported nearly 50 million barrels of crude to European buyers from major terminals in Texas and Louisiana…”
May 4 – Reuters:
“The Swiss government is setting up a gas sector crisis intervention group and a monitoring system for early detection of an impending electricity shortage…, as it prepares for the possibility of ‘severe’ power shortages. The Swiss government began drawing up plans in April for a potential gas shortage in the wake of Russia's invasion of Ukraine, saying measures were being developed ranging from appealing to the public to reduce consumption to possible power rationing in the event of a crunch.”
May 3 – Financial Times:
May 2 – Bloomberg:
“Record fuel exports from the U.S. Gulf Coast are eating into domestic supplies, leaving gasoline and diesel tanks on the East Coast emptier than they have been in decades. As much as 2.09 million barrels a day of gasoline, diesel and jet fuel shipped out of the refining hub in April, the highest level since oil analytics firm Vortexa began tracking the data in 2016. The bulk of the exports went to Latin America. The strong pull from overseas shows the world needs U.S. Gulf Coast refiners more than ever.”
May 3 – New York Times:
“Already frustrated and angry about high gasoline prices, many Americans are being hit by rapidly rising electricity bills, compounding inflation’s financial toll on people and businesses. The national average residential electricity rate was up 8% in January from a year earlier, the biggest annual increase in more than a decade… In Florida, Hawaii, Illinois and New York, rates are up about 15%...”
May 3 – Bloomberg:
“The U.S. is shipping the largest amount of crude oil to Europe since Washington ended its ban on exports more than six years ago as buyers seek alternatives to Russian supplies. In April, U.S. producers exported nearly 50 million barrels of crude to European buyers from major terminals in Texas and Louisiana…”
May 4 – Reuters:
“The Swiss government is setting up a gas sector crisis intervention group and a monitoring system for early detection of an impending electricity shortage…, as it prepares for the possibility of ‘severe’ power shortages. The Swiss government began drawing up plans in April for a potential gas shortage in the wake of Russia's invasion of Ukraine, saying measures were being developed ranging from appealing to the public to reduce consumption to possible power rationing in the event of a crunch.”
May 3 – Financial Times:
“India is boosting coal production to record highs in an effort to overcome a fuel shortage that has strained power supply, leading to blackouts during a searing heatwave on the subcontinent. Officials and analysts expect India to bump up coal production after the supply crunch prompted fears about the country’s energy security. Care Edge, a ratings and research group, said it expected India to mine more than 800mn tonnes of coal in the financial year that started in April.”
May 4 – Bloomberg:
May 4 – Bloomberg:
“A power crisis in India that’s delivering hours-long blackouts, halting manufacturing lines and triggering street protests is forecast to continue for months, adding pressure on the nation’s economic rebound. Electricity outages and curbs have spread across more than half of all states and the nation’s coal-dominated energy system is expected to come under further strain as power demand tops a recent record high in the coming weeks.”