 |
Louisiana Light • 3 days | 93.63 | +3.02 | +3.33% | ||
|
Bonny Light • 2 days | 98.41 | +3.23 | +3.39% | ||
|
Opec Basket • 4 days | 95.31 | -0.42 | -0.44% | ||
|
Mars US • 24 mins | 89.81 | -1.97 | -2.15% | ||
|
Gasoline • 36 mins | 2.505 | -0.093 | -3.59% |
|
Bonny Light • 2 days | 98.41 | +3.23 | +3.39% | ||
|
Girassol • 2 days | 99.20 | +2.62 | +2.71% | ||
|
Opec Basket • 4 days | 95.31 | -0.42 | -0.44% |
|
Peace Sour • 15 hours | 88.18 | +3.29 | +3.88% | ||
|
Light Sour Blend • 15 hours | 88.68 | +3.29 | +3.85% | ||
|
Syncrude Sweet Premium • 15 hours | 97.28 | +3.29 | +3.50% | ||
|
Central Alberta • 15 hours | 86.48 | +3.29 | +3.95% |
|
Eagle Ford • 3 days | 86.87 | +0.71 | +0.82% | ||
|
Oklahoma Sweet • 3 days | 87.00 | +0.75 | +0.87% | ||
|
Kansas Common • 2 days | 84.00 | +3.25 | +4.02% | ||
|
Buena Vista • 4 days | 95.63 | -0.10 | -0.10% |
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Natural Gas Prices In Europe Hit An All-Time High
Dutch TTF and UK NBP natural gas prices hit all-time settlement highs on Monday—up 11% as the front-month contract is set to soon expire and the European gas crisis worsens.
The front-month (October) contract TTFV1 was up by €6.635€ MWh on Monday afternoon, to €76.875, pushed higher in part by the contract rolling off this week.
Prices often spike as the contract comes to a close.
The UK’s NBP virtual trading hub for natural gas also hit a record-high price, with front-month contracts reaching an all-time high on Monday afternoon.
The surge in natural gas prices is also due to a massive supply shortage in Europe, a situation that is quickly spilling over into other countries and other markets—including the coal and oil markets as demand for power exceeds supply.
The natural gas crisis is set to intensify as winter heating season approaches, with supplies insufficient to keep up with current demand, let alone build stockpiles for what will be increased demand in the cold season.
Europe’s natural gas crisis has prompted European fertilizer producers to curb output, which could send food prices soaring along with the natural gas prices. It has also sparked warnings of blackouts and factory shutdowns.
If the winter is colder than normal, natural gas supplies could run even shorter, leaving Europeans and possibly other countries, especially those that can barely afford current energy prices, in the cold.
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Prices may continue higher tomorrow given the timing of the contract expiration. But according to EBW analysts, warmer October weather may allow natural gas to catch its breath, pressuring gas prices later this week.
By Julianne Geiger for Oilprice.com
More Top Reads From Oilprice.com:
- Europe Must Act To Avert An Energy Crisis This Winter
- U.S. Shale Is Finally Ready To Drill
- The Harsh Truth Behind Europe’s Energy Crisis
Julianne Geiger
Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.
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Open57.81
Trading Vol.6.96M
Previous Vol.241.7B
of nuclear and coal power and stop block of own fracking gas reserves.
terminals in europe already with LNG from Israel etc. etc. also new pipeline planned with turkey, etc. for more mediterian gas, Norway did also find new big oil field already open etc.
Worldwide still decreased demand from Corona reducing tourism etc.
terminals in europe already with LNG from Israel etc. etc. also new pipeline planned with turkey, etc. for more mediterian gas, Norway did also find new big oil field already open etc.
Worldwide still decreased demand from Corona reducing tourism etc.
How so not a surprise.
Long $tsla Tesla Motors
Strong buy