Editors: Tom Whipple, Steve Andrews
Quote of the Week
“Scientists have determined that the extremely dry conditions over the past three years are part of a longer megadrought, which has persisted since 2000. Research published in February showed that this 22-year period is the driest in 1,200 years and is linked to human-caused climate change.”
Kasha Patel and Jason Samenow, The Washington Post
Graphics of the Week
Headlines for the week of April 25 – May 2
The Global Energy Situation
Oil posts fifth monthly gain and longest run since 2018
Russian threats redraw the global energy map
Russia
Russia’s eastern offensive appears to falter
Gazprom expects 4% fall in gas output in 2022
Europe
An EU embargo on Russian oil, which makes up ¼ of EU supply, is imminent
EU aims to end use of Russian oil, gas by 2027, Gentiloni tell newspaper
Germany drops opposition to embargo on Russian oil
North America
Gulf Coast LNG export frenzy raises tough questions for U.S., Europe
US gasoline, distillate stocks move lower on steady demand, strong exports
In the top U.S. oil field, a battle for workers, cash and equipment crimps growth
More of Europe’s crude supply is coming from deep in the heart of Texas
The oil rig count climbs by 3 to 552 as markets clamor for more oil
Fracking boom turns Texas into the earthquake capital of the U.S.
US EPA issues emergency fuel waiver to allow summertime E15 fuel sales
China
No quick recovery for China oil demand as COVID battle grinds on
Middle East
OPEC+ seen sticking to the current production arrangement
The Global Economy
Decline in world conventional oil output and peak oil
Tight oil market myth becoming reality
Agriculture
Corn and soybeans near-record prices, push food costs higher
The rich, black soil that fed a growing China is washing away
Cooking-oil chaos exacerbates a looming world hunger crisis
Russia’s war heats up cooking oil prices in global squeeze
Australia’s 2022-23 wheat output seen 20% lower on year to 29 million mt: USDA
Russia
Russia sees 600,000 jobs at risk on foreign exodus, Tass reports
Ukrainian attacks bring war home to Russia, fraying civilian nerves
U.S.
Train delays bog down the U.S. farm sector
Europe
NATO says it’s ready to back Kyiv for years in the war against Russia
Western artillery surging into Ukraine will reshape the war with Russia
Eurozone economy keeps growing but recession risk looms
German cabinet backs possible nationalization of energy firms
EU weighs cap on the price paid for Russian oil as a way to hit Kremlin revenues
Rising energy prices push almost half of German companies to cut new investments – survey
Naftogaz chief warns of potential loss of Russian gas transit volumes via Ukraine
LNG terminals in Europe are filling up fast
China
China’s economy slows rapidly as Covid zero lockdowns bite
Panic buying in Beijing as district starts mass COVID testing
China is running out of ways to stem self-made market meltdown
Renminbi on course for steepest monthly fall as China’s economy slows
China meets banks to discuss protecting assets from US sanctions
India
Record India heatwave raises power cut fears
Heatwave in India leaves millions struggling to cope
Heatwave scorches India’s wheat crop, snags export plans
Power-hungry India halts passenger trains to free up track to move coal
Indian buyers pay steep prices for seaborne thermal coal as stocks fall, demand rises
Global Warming
La Niña may enter a rare third year. What that means.
U.S.
California declares historic water emergency measures amid drought
Vegas water intake now visible at drought-stricken Lake Mead