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U.S. East Coast Diesel Supply Is Running on Fumes

Last week, East coast inventories of diesel plunged to the lowest seasonal level since government records started more than 30 years ago. The shortage caused a crisis in the diesel market, sending wholesale and retail diesel prices to an all-time high. Diesel is today more expensive in America that it was in 2008, when the price of crude oil surged to nearly $150 a barrel compared with little more than $100 currently.

Diesel is the workhorse of the global economy. It’s used everywhere to keep trucks, tractors, freight trains and factories moving. And its ubiquity means the increase in its price will exacerbate global inflationary pressures.From central bank interest rates to supermarket prices, a lot hinges on diesel. On Tuesday, average U.S. retail diesel prices posted the fifth-consecutive fresh daily record, surging above $5.3 per gallon, up nearly 75% from a year ago. The price spike is worse on the Eastern seaboard, where diesel retails now for more than $6 per gallon, nearly double 2021’s price.The oil tanks in New York harbor are nearly empty for reasons both global and local. Around the world, diesel is in short supply as demand has surged well above pre-Covid levels, spurred by a boom in freight…

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European Nuke Plants Offline As Power Prices Hit Record 

European Nuke Plants Offline As Power Prices Hit Record 

Bloomberg’s Chief Energy Correspondent Javier Blas tweeted a disturbing map of European day-ahead electricity prices that will hit record highs on Monday.

“EUROPEAN ENERGY CRISIS: Wow, wow, wow… I’m running out of words to describe the European short-term electricity market,” Blas said.

He continued, “Multiple records breached for Monday. With the exception of Poland and Scandinavia, all Europe is above €300 per MWh (France and Switzerland near €400).”

The continuation of surging power prices, as Blas explained, is due to “Lots of nuclear reactors are down, demand is high (electricity used for heating), so it’s burning gas to bridge the gap.” 

Days ago, we told readers multiple nuclear power plants in France were taken offline due to routine safety inspections that found cracks at one power plant.

European daily power demand continues to soar as colder-than-normal temperatures are present across the continent.

Benchmark natural gas prices surged to a new high last week, up more than 650% on the year, on concerns of declining gas flows via the Yamal-Europe pipeline that runs across Belarus and Poland to Mallnow, Germany; low storage on the continent, and geopolitical risk.

European natural gas prices hit a new record high.

The amount of gas entering Germany at the Mallnow compressor station collapsed. The pipeline only booked for 4% of space for Dec. 20.

The latest geopolitical flare-up occurred last week when Germany’s federal network agency, Bundesnetzagentur, said Russia’s Nord Stream 2 pipeline won’t be cleared until July. On Sunday, Germany said they could entirely block the Nord Stream 2 if a possible conflict between Russia and Ukraine erupts.

Europe’s energy crisis worsens and risks sparking discontent among many Europeans. How long until politicians order utilities to implement price caps on power rates? If politicians want to stay in power, they might also have to subsidize people’s power bills as energy inflation runs wild.

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