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What comes to mind with the current European energy crisis is the unexpected consequences of decision making without thought of possible headwinds. The current crisis has been borne out of what could best be described as ignorant energy and environmental policies. Putting the cart before the horse the issue with populist kneejerk policy.

Australian project management software company Atlassian’s sharemarket value has broken through the $US100 billion mark, trading on the NASDAQ under the symbol TEAM. the move lifted the personal wealth of its Australian founders to over $US23 billion each. Remote work in the pandemic has beena boon for the company.

Crude oil inventories have declined by 440 million barrels of oil so far this year which has erased the inventory built up last year and is ahead of International Energy Agency (IEA) estimates. Morgan Stanley says this suggests the market is more undersupplied than estimated

After Natural gas futures ran over $5.60 EIA reported a build of +83 Bcf of working gas in storage.  With natural gas production in the Gulf of Mexico still shut-in. Output was already trailing consumption with elevated demand from both Europe and Asia for U.S. exports of LNG.

WTI Oil futures volatility continued as storm influence effects and EIA reported crude drew -6422kbbl (incl -1103kbbl draw at Cushing, near lows since Jan 2020). Gasoline stocks drew -1857kbbl,  Utilization barely came on  .2% to 82.2%. Production +100k to 10,100 kbpd.

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