Target $18.72, page-6281

The EU, which has placed many bans on Russia, detesting its brutal invasion of Ukraine, has, "quietly & conveniently", failed to place bans on Russian LNG imports. The EU knows it needs these large, & relatively cheap, Russian LNG imports, as it is desperate, & terrified of having power cuts in the nthn winter without them (which could easily happen if the EU banned Russian LNG also).

Renewables for the EU don't cut the mustard, & will not for many years/decades! Thermal coal & gas will be essential for a very long time- cheap, reliable, baseload power! Bodes well for WHC.

The European winter of 2022/23 had, luckily, the 2nd highest average temperatures on record, & the last autumn also had well above average temps- thus there were no power blackouts.

Shell CEO W. Sawan states some truths, re the essential, long term future of fossil fuels.
(He had also previously reminded the EU & UK that its frenzy of buying additional LNG from the USA & Qatar in 2022 meant that international LNG prices rose in 2022, forcing it to become too expensive for many 3rd world countries. This EU frenzy caused many power blackouts in the 3rd world, with their students forced to study at night by candle light, cook on wood fired stoves etc....thanks EU!).

bbc.com S. Jack 7.7.23 said

"Cutting oil and gas production would be "dangerous and irresponsible", the boss of energy giant Shell has told the BBC.

Wael Sawan insisted that the world still "desperately needs oil and gas" as moves to renewable energy were not happening fast enough to replace it.

He warned increased demand from China and a cold winter in Europe could push energy prices and bills higher again.

Mr Sawan angered climate scientists who said Shell's plan to continue current oil production until 2030 was wrong.

Professor Emily Shuckburgh, a climate scientist at the University of Cambridge, said firms such as Shell should focus on accelerating the green transition "rather than trying to suggest the most vulnerable in society are in any way best served by prolonging our use of oil and gas".

https://www.bbc.com/news/business-66108553