A glimpse into the energy crisis

WTI crude

The reports out of Lebanon this weekend have been shocking. The country was entirely without power and will struggle to keep the grid operating.

The closure is the result of a diesel shortage.

Over the last two weeks there have been 16 power outages because there hasn't been enough power to stabilize the grid.

The details of reports are hardly believable and read like some kind of energy dystopia. What's especially terrifying is that problems like this could spread. There were scattered reports that India's coal supplies are at critical levels and that Dehli could face imminent blackouts. The country's coal ministry denied that today but there have been rolling blackouts in two northern states.

China also continues to struggle to keep the grid running. Locals are increasingly turning to diesel generators in a move that's becoming increasingly common.

Meanwhile oil closed the week at a seven-year high and natural gas prices haven't had the expected drop after what looked like a blow off top. There are forecasts for cold weather ahead in Europe.