Europe Accelerates Move Away From Russia

Energy Prices (Daily Change)

All prices updated at end of day using CME settlements.

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From price caps to windfall taxes to direct household relief, everything is on the table as Europe deals with the current energy crisis.

However rapid inventory build-up and falling prices are beginning to ease the markets out of panic mode.

+European governments back broad intervention in energy markets – WSJ

“Before the invasion of Ukraine, Russia accounted for 40 per cent of the EU’s gas imports but now only 9 per cent.”

+Europe sounds ‘full mobilisation’ as Kremlin shuts key gas pipeline – FT

Floating storage and regasification units, or FSRUs, are a quick fix and have become a choice for rapid infrastructure changes.

+New Dutch terminal boosts EU drive to cut reliance on Russian gas – FT

“The capacity expands every year by about 15%.”

+Solar power generation hits EU record in energy crisis – FT

“We are sitting on huge resources, they are not very expensive to produce, we are good at building infrastructure. We are going to be able to develop American gas very affordably and sell it a significant premium.”

+Gas tycoon Charif Souki sees US boon from Europe’s energy crisis – FT

Macro Energy

+California power demand hits record high during heatwave – FT

Macro Economy

+US, Asia-Pacific partners take early step on trade – WSJ

+Fed governor backs ‘significant increase’ in benchmark rate – FT

+UK energy package will weigh on gilts and pound, analysts warn – FT

+The dollar is as strong as ever. Isn’t it? – Economist

Energy Transition

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+Tesla looking into building lithium refinery – WSJ

+‘We’re playing with fire’: the Ukrainian nuclear plant held hostage by Russia – FT

+Electric vehicle maker Rivian and Mercedes team up in Europe – FT

Other News

+Hochul declares polio state of emergency for New York – NYT