After two weeks of silence in detailing how it would react to the G7 oil price cap, overnight the Kremlin raised the stakes for the west when state-run Tass news service quoted Deputy Prime Minister Alexander Novak as saying that Russia may reduce output by 500,000 to 700,000 barrels a day in response to the cap.
Oil Prices Jump After Russia Says It May Cut Production
Tag: backwardation
New York and New England start RATIONING heating oil before winter as stockpiles slump by 70% and fears rise that families will be left in the cold
Heating oil suppliers in the Northeast and New England have begun rationing the key fuel ahead of winter, after stockpiles dropped to a third of their normal levels.
New York and New England start RATIONING heating oil before winter as stockpiles slump by 70% and fears rise that families will be left in the cold
Diesel Crisis Deepens As Inventories Fall To Dangerous Levels
Diesel Crisis Deepens As Inventories Fall To Dangerous Levels
Yet right now, U.S. buyers are snapping up diesel cargos from Europe in a way similar to how Europe has been snapping up LNG cargos originally meant for Asian destinations. And supply is not going up fast enough because there is not enough refining capacity for it to go up fast enough or even meaningfully enough. And this spells a lot more trouble for both Europe and the U.S., especially in the inflation department.
Ms. Cat’s Chronicles 
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