May, 2022

• 15 May

  Oil surges as global refining crunch drives record fuel costs

  

    Bloomberg Oil climbed as a global squeeze on refined products continued to pull fuel prices higher with Russian diesel exports falling sharply. West Texas Intermediate rises 4.1% and eked out a weekly gain of 0.7% after a series of tumultuous trading sessions where lowered liquidity exacerbated price moves. Diesel exports from Russia dropped in April from their prewar level …

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• 15 May

  UK North Sea sees political reprieve plan in energy crisis

  

    Bloomberg Six months ago, UK North Sea oil and gas faced the bleakest outlook in its 50-year history. The government was focused on hosting the COP 26 climate talks and environmentalists were close to killing off one of the country’s largest oilfield developments, called Cambo. An industry that had excelled at prolonging its lifespan was at risk of sudden …

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• 15 May

  Texas grid operator calls for power conservation

  

  Bloomberg The Texas grid operator called on residents to conserve energy after six generation facilities tripped offline amid hot weather, prompting power prices to spike. The power-plant failures resulted in a loss of about 2,900 megawatts of electricity, the Electric Reliability Council of Texas (Ercot) said. That’s enough power for about 580,000 homes and businesses. Natural-gas fired plants make up …

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• 15 May

  South Africa’s green hydrogen plan to need $14b investment

  

  Bloomberg South Africa will need to attract investment of $14 billion if it is to develop a substantial green hydrogen industry, the head of the government’s climate finance task team said. An initial amount of $1 billion would be needed to create an industry that could export 20,000 tons of the climate friendly fuel annually and a further $13 billion …

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• 15 May

  Pemex’s $12.5b refinery sees higher costs

    Bloomberg Petroleos Mexicanos’ beleaguered mega-refinery project in Dos Bocas could run at least $4.7 billion over budget with just months to go before its grand opening. Pemex, as the state-owned oil company is known, has budgeted $12.5 billion for the project through the end of 2022, and is expected to spend some $2 billion more on the project, according …

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• 15 May

  European gas declines as buyers ready to cope with supply risk

  

  Bloomberg Natural gas prices in Europe declined the most in a month with majors buyers in the region saying they can ride out the latest threat to Russian supply. Benchmark futures fell 9.2%, and posted a weekly loss. Russian shipments through Ukraine have dropped this week, but stayed broadly stable — near the lowest since late April — based on …

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• 15 May

  Baby-formula shortage spurs US to prod Abbott over access

  

    Bloomberg The Biden administration urged Abbott Laboratories to do more to ensure low-income families on federal assistance have access to baby formula, amid a nationwide shortage. Agriculture Secretary Tom Vilsack said the company should extend flexibility through the end of August for states and territories to obtain rebates to purchase alternative formulas to ensure supply for people on the …

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• 15 May

  Boeing faces FAA’s request for 787 data to resume deliveries

  

    Bloomberg Boeing Co has been told by US regulators that it needs to submit more documentation in order to resume deliveries of its 787 Dreamliner jet, according to people familiar with the request, signalling it may face a further delay before the Federal Aviation Administration signs off on its inspections and repairs to the plane. The FAA notified the …

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• 15 May

  China’s C919 jet completes first pre-delivery test flight

  

    Bloomberg A Chinese rival to Boeing Co’s 737 Max and Airbus SE’s A320neo narrowbody aircraft completed its first pre-delivery test flight, according to a CCTV report. The C919 jet developed by Commercial Aircraft Corp of China Ltd was test flown for about three hours ahead of its delivery to its first customer soon, the report said. The narrowbody plane …

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• 15 May

  Toronto airport’s wait times to worsen amid staff shortages

  

    Bloomberg Canadians travelling through Toronto Pearson International Airport are facing lengthy wait times and the situation is likely to worsen in coming weeks. The airport is being hit with a double whammy of staffing shortages and longer processing times due to public health screening measures, according to Greater Toronto Airports Authority spokesperson Tori Gass. The Covid-19 measures can double …

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