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25 Nov, 18 tweets, 6 min read
Winter is (almost) here! Time for another energy crisis thread. Record power prices, coal and natural gas shortages (and even ration cards!), what else will unfold? 🧵
First up, surging Nordic power prices hit all time highs
And Poland has responded to surging prices by cutting energy taxes
The global supply chain crisis is running hot and contributing to the energy crisis in various ways
And French power prices are near all time highs
And European carbon prices are surging, further pressuring power prices, consumers, European economies and policy makers
And US gasoline demand is the highest ever recorded
And high prices are causing further supply issues, potentially indicative of a snowball effect
And despite high prices, a major offshore wind project by #equinor and $eni has been found to be uneconomic
🚨 This is a big one. Japan is now ramping up fuel oil for consumption by utilities, an early indicator of spillover from a predominantly natural gas and coal energy crisis to an oil crisis
Another thread with energy crisis information by @BurggrabenH is linked below. @pineconemacro and @DoombergT cover this topic extensively as well
Another #stimulus announcement, this time #Quebec. Not specifically energy but likely intended to offset energy related inflation. lesaffaires.com/secteurs-d-act…
And some energy crisis humor on the oil front:
And a thread on natural gas in the US being too cheap
The nascent fertilizer crisis is directly linked to the energy crisis
And Chinese coal rations illustrate a problematically tight market in China
Potentially offsetting some of this is a worrying new Covid strain and accompanying energy market selloff
But European power costs are still spiking to "insane" levels

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More from @BisonInterests

Bison Interests Profile picture
17 Oct
This is an ongoing thread about the global energy crisis. As the crisis unfolds, we will update here.
Today, a Financial Times @FT article reports on China's electricity crisis further disrupting the global supply chain h/t @JKempEnergy ft.com/content/5174e5…
And Switzerland warns "big" firms they may need to cut their electricity usage @chigrl bloomberg.com/news/articles/…
Read 60 tweets
Bison Interests Profile picture
21 Sep
As energy prices rise around the world, many continue to downplay the possibility of a global energy supply crisis, citing OPEC+ spare capacity available to come back online. But does OPEC+ really have as much spare capacity as advertised?

Thread below👇
Due to a lack of reliable data, many industry experts and analytics firms have adopted OPEC+’s self- reported numbers. The EIA estimates that OPEC+ has 6.9MM bbl/d of spare capacity, yet no one knows if this is accurate, and few seem to care. (1/12)
OPEC+ controls about 50% of the global oil supply, mostly from Russia and Saudi Arabia. These are known as “swing producers” because, unlike most other producers, they adjust their production in response to changing market fundamentals to balance the market. (2/12)
Read 14 tweets
Bison Interests Profile picture
9 Jul
Forecasts from large investment banks have been increasingly bullish on oil lately, with Goldman Sachs and Bank of America calling for $80-$100 oil prices recently. What changed between last years oil price crash and today? Thread below 👇 🛢🧵
One of the major reasons that the narrative on crude oil has become more bullish is that the latest reports on crude inventories show a rapidly tightening market, well beyond prior expectations. (1/19)
Oil production has risen much slower than oil demand, which has nearly returned to pre-pandemic levels, causing a major decrease in crude oil inventories in recent months.(2/19) Image
Read 21 tweets

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