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MOST OF ASIA NOW FACES EXTREME FUEL SHORTAGES
SOME GOVTS ARE CONSIDERING FUEL RATIONING
SHELL CEO SAYS EXPECT EUROPE TO EXPERIENCE SIMILAR STARTING NEXT WEEK
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T-bone
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BREAKING: Over 500 gas stations in Australia have now run out of fuel as the nation’s fuel crisis worsens.
Of these, 187 have completely run out of diesel, while 32 service stations had run out of all types of fuel.
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the east asian energy crisis is getting worse by the day
let's sum up what's happened so far:
the Philippines became the first country to declare a national energy emergency. government offices moved to a 4 day work week, and President Marcos says grounding planes is a "distinct possibility." their fuel supply dropped from 57 days to 45 days in less than a month.
South Korea is telling citizens to take shorter showers and charge phones during the day. they're considering banning naphtha exports, which means petrochemical production starts seizing up.
Japan released 80 MILLION barrels from strategic reserves, the largest drawdown since they created the system in 1978. covers about 45 days.
95% of their crude comes from the Middle East. their refineries are canceling fuel exports and cutting production to prioritize domestic supply. (talked about this in my newsletter)
Vietnam has 20 days of reserves. they just panic-bought 4 million barrels from non-Middle East sources, which covers six more days.
India is running out of cooking gas. restaurants are shutting down, lines wrapping around LPG distributors in multiple cities. 90% of their LPG imports go through Hormuz.
New Zealand has less than 40 days of combined fuel left, gas stations are going dry in parts of the country, and the government is dusting off 1979 era rationing laws.
China and Thailand have both banned or restricted fuel exports to hoard domestic supply. Singapore and Indonesian petrochemical companies are declaring force majeure.
the IEA released a record 400 million barrels from strategic reserves and then said it won't be enough. Brent peaked at $126, still sitting above $90 today.
the crisis deepens in East Asia.
glycine nationalist@acteduweininger
New Zealand is on track to run out of fuel in about three weeks. First world country btw. No fuel reserves. Refineries closed down under Jacinda Ardern. Deep sea oil exploration banned under Jacinda Ardern. Jacinda Ardern and covid lockdowns. Jacinda and covid.
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They know they cannot suppress crude oil prices forever
They know the war with Iran will last long enough for the oil shortages to disrupt the global economy
They know that oil shortages will start to show up soon
Buckle up, because the oil rocket ship can take off anytime
JustDario 🏊♂️@DarioCpx
Crude oil prices collapsed and briefly went negative in April 2020 (for the May delivery contract) because of a perfect storm: demand for oil plummeted while supply stayed high, and there was almost nowhere left to store the extra oil. ⚠️ 6 years later another perfect storm, but the complete opposite, can potentially happen with oil prices suddenly skyrocketing 🚩 NYMEX WTI (CL) is a deliverable contract with trading terminating 3 business days before the 25th calendar day of the month prior to the contract month. 🚩 The Current May OI for the NYMEX WTI May26 futures is ~300k or 300m barrels begins to settle on the 22nd of April. 🚩 So far the request for physical delivery of Oil futures contracts has been limited compared to the whole OI, however, because WTI is trading at a forced low price by the government while premiums in other markets, especially in Asia, are already much higher, this can prompt a sudden spike in physical deliveries in NY when delivery notices are issued to compensate for the immediate supply shortage in the rest of the world where the oil price is already much higher (making the “cheap” WTI very attractive) rather than most of the OI being rolled forward by longs as usual. 🚩 Differently from gold and especially silver, where the Comex (another subsidiary of CME) successfully avoided a physical squeeze so far with many shenanigans (including pulling the plug from the servers twice), the NYMEX might not be able to do the same in a situation where buyers cannot postpone physical deliveries no matter the monetary incentives offered. Perhaps, this is the reason why the chairman of the CME already warned the US government to refrain from manipulating down the oil futures market. A warning, of course, completely ignored.
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@StatisticUrban Based take. This is the reserved sleeping area for Shaolin kung-fu fighting Monks
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Tom Nichols: The president doesn't have a grasp of reality; he's not stable. There's something not right here. He started a war, he can't get out of it, and he doesn't know where to turn. He's getting a very filtered view of reality. They're showing him heroic montages every morning. That's bonkers.
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Every dollar earned below $184,500 a year has a Social Security tax of 12.4%. Everything after that cap is exempt. If we lift this cap on the wealthiest earners, Social Security would be fully funded till 2070. The cap should not exist.
ABC News@ABC
The trust funds for Social Security and Medicaid will run out of money in as little as 8 years, a shorter time frame than previously estimated, according to a report issued Wednesday by the programs' trustees. abcnews.link/r5kTy1r
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@AliceFromQueens It depends on how many GOP senators (or their wealthy donors) are mentioned in the Epstein Files.
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How low do his numbers have to fall before GOP senators turn on him?
Curt Mills@CurtMills
Trump's approval hits new 36% low as fuel prices surge amid Iran war, Reuters/Ipsos poll finds (thank you Iran hawks) reuters.com/world/us/trump…
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I’m going to be on @TheLeadCNN in a few minutes to answer a simple question: why are Republicans holding TSA and our airports hostage to get more funding for ICE? Let’s open our airports!
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How much do we want to bet that the US invasion starts after the US stock markets close this Friday?
Douglas A. Boneparth@dougboneparth
US: Let's have a ceasefire. Iran: No. *stocks rise*
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Just walked out of a House Armed Services briefing on Iran. Let me repeat: I will not support troops on the ground in Iran, even more so after this briefing.
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America was already great!! We never needed MAGA. We only need collective resolve, unity, hope, and American ingenuity and know-how!
oshare, the consigliere@olorogun_ugh
The tragic LaGuardia crash hits close to home — rewatching Sully feels real, with Capt. Sullenberger facing impossible choices after takeoff from that very same airport. Heroism in crisis. ✈️🎬 #Sully #LaGuardia
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This is truly insane, and it should be front page news across America.
Denmark secretly deployed soldiers to Greenland prepared to blow up airport runways to stop a U.S. invasion.
They brought blood supplies to treat the wounded. France, Germany, Norway, and Sweden quietly coordinated against us.
This was not a drill.
This was our closest allies preparing to fight Americans.
Let that sink in. NATO allies. Countries whose soldiers have fought and died alongside ours for decades. They looked at this president and decided they had to prepare for the worst.
Fewer allies does not make America great. It makes us more isolated, more vulnerable, and it hands Russia and China exactly what they have always wanted: an America abandoned by its friends.
The American people deserve to know how badly this president has damaged our standing in the world. bbc.com/news/articles/…
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$1.5 BILLION. Let me say it again - a $1.5 BILLION BET.
Bigger than any futures purchases made at the time.
5 minutes before Trump's post.
Who was it? Trump? A family member? A White House staffer?
This is corruption. Mind blowing corruption.
unusual_whales@unusual_whales
BREAKING: Just five minutes before Trump's announcement to halt the attacks on Iran, massive trades reportedly hit the market. In one move, $1.5 billion in S&P 500 (ES) futures was bought while $192 million in oil (CL) futures was sold. These orders were 4–6x larger than anything else at the time. The trader seemingly made huge gains. Unusual.
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@krassenstein @grandmagrit This is why you don’t attack a country you’re negotiating with at the same time. The current US administration did exactly what the Japanese did leading up to the bombing of Pearl Harbor. Any diplomatic credibility of the US via negotiations has already been destroyed.
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BREAKING: Iran refuses peace talks with what they say are Trump’s ‘backstabbing’ negotiators, Witkoff and Kushner.
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This is BAD.
That means that recruitment numbers are dangerously low, and there are NOT enough bodies needed for the war effort.
You know what comes next…
THE DRAFT.
Leading Report@LeadingReport
BREAKING: U.S. Army is increasing the maximum enlistment age from 34 to 42.
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