Tom Whipple and Steve Andrews, Editors

Quote of the Week

“The world has never witnessed such a major energy crisis in terms of its depth and its complexity.  We might not have seen the worst of it yet — this is affecting the entire world.”-Fatih Birol, IEA Executive Director

Stat of the Week

US front-month natural gas futures closed at $6.426 cents per million Btus, compared to gas trading at around $48 per mmBtu in Europe and $39 in Asia.  US prices would be higher and EU and Asian prices would be lower if the Freeport (TX) LNG facility—the US’s second largest export plant—wasn’t offline for several more months due to the June 8th fire. (Source: Reuters)

Graphics of the Week

Headlines for the week of July 10 – July 17

OIL FUTURES: Crude ends week higher amid US economic optimism, global supply risks

The Global Energy Situation

Worst of the global energy crisis may still be ahead, IEA says
IEA slashes oil forecast as demand destruction looms over the market
Column: Global diesel demand starts to slacken as economy falters
OPEC remains 1 million Bpd below target


Gazprom: Nord Stream gas link’s safety depends on the stranded turbine
Trudeau: Decision to return Russian gas turbine was “very difficult”
Russia earns more despite lower oil exports in June, IEA says
Russia looks to expand its domestic natural gas network


Europe on edge as Nord Stream Russian gas link enters shutdown
Fearing Russian gas shut-off, France’s industry turns to oil
German power prices jump on little wind and less Russian gas
The three stages of Germany’s emergency gas plan
Germany to halt Russian coal imports next month
European heatwave risks curbing French nuclear power production
Shell chief warns Europe could be forced to ration energy this winter
UK approves 25% windfall tax on oil and gas producers

North America

U.S. crude, fuel stockpiles rise as demand slackens – EIA
U.S. annual consumer inflation posts largest increase since 1981
U.S. natgas jumps 7% as heatwave boosts air conditioning use
EIA lowers 2022 coal consumption estimates by 4% as plants retire
U.S. crude output and petroleum demand to rise in 2022 -EIA
USA diesel and gasoline demand slip
Expensive gasoline keeps more summer drivers off road than at height of pandemic
North Dakota sinks US April oil production
Limiting bitcoin, crypto miners helped Texas during heat wave


China’s surging hydropower (up 18%) a boon for its climate goals, energy bills


The world’s second-largest LNG importer calls on the U.S. to increase its supply

Middle East

Libya’s NOC lifts force majeure on exports from Zueitina, Brega terminals
Iraq plans to boost oil export capacity suffers setback, source says
Libya’s new oil chief says output will be fully back in a week
OPEC update, July 2022


Nigeria: With 614,000bpd June underperformance, Nigeria’s oil losses exceed $2bn

Central Asia

Analysis: Oil majors face output slump, deep losses if Russia stops Kazakh pipeline

The Global Economy

World population to reach 8 billion by November
Global population growth hits lowest rate since 1950


Turkey reports deal to restore Ukrainian grain exports, UN says more work needed


Manchin crushes Biden’s hopes for revival of the economic agenda
Don’t blame the weather for Texas power shortages; the area lacks sufficient reliable generation
Most of U.S. population now in areas with high Covid-19 levels as BA.5 subvariant Spreads
Dow rises nearly 600 points on retail spending data


German investor confidence sinks to worst since the debt crisis
Euro-zone recession risk seen rising even as inflation peak near


China Growth Slows Sharply, Putting GDP Target Out of Reach
China Stimulus Unlikely to Reverse Global Metals Meltdown
China’s exports pick up speed, but global risks darken trade outlook
China Covid Cases Climb in New Risk to Economic Activity
Heatwaves hammer megacities in China’s Yangtze River basin
China’s Property Sector Remains Biggest Drag on Economy

Middle East

Hezbollah chief vows ‘no one’ will extract gas, oil from maritime zones if Lebanon is unable to do so
Biden’s talks with Israel highlight a split over Iran

Latin America

Is Biden ready to ease sanctions against Venezuela?


Nigeria: Shell, ExxonMobil to enforce $1.8bn arbitration award against NNPC

Global Warming

North America

Utah’s Great Salt Lake is drying out, threatening ecological, economic disaster


Europe Is Frying in Devastating Heat Even as it Brings Back Coal
Germany Faces Coal Supply Crisis As Rhine River Waters Dwindle