Crude Falls, Equities Catch a Break, European Power Prices Ease

Energy Prices (Daily Change)

All prices updated at end of day using CME settlements.

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Despite equities catching what was most likely a temporary reprieve from the free-fall, commodites from energy to metals looked weak today as concerns about a global economic slow-down sink in.

While not wanting to catch a falling knife, storage data from the EIA (linked below) continues to show that inventories are low across the board. This will continue to lend support to the markets, or at least make traders weary of possible moves higher.

Crude prices have moved to interesting support levels, so some confirmation of a possible trend lower may come soon.

European power prices also continued to ease, however it’s too soon to tell if they are out of the woods yet.

Macro Energy

+This week in petroleum – EIA

+Weekly natural gas storage report – EIA

+Oil industry condemns first US fee on greenhouse gasses – FT

+How could Europe cap surging energy prices? – Reuters

Macro Economy

+Dow, SP 500 end higher after days of declines – WSJ

+Europe is headed for recession. How bad will it be? – Economist

Energy Transition

The power sector is the tail that’s waving the economic dog. Learn more about the critical power sector with our Power 101 courses.

+Piedmont to build lithium plant in Tennessee for EV market – Reuters

+Record numbers of solar panels were shipped in the US during 2021 – EIA

+Energinet signs Denmark to Germany green hydrogen MoU – ReNews

+Broker Marsh launches world first insurance for hydrogen projects – Reuters

Other News

+Top Russian oil official falls to death from hospital window – Reuters

+UN agency says it was able to inspect Russian-held nuclear plant in Ukraine – FT