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Europe’s natural gas prices:

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    The U.S. Energy Information Administration (EIA) expects higher-than-average natural gas prices globally as demand remains high this winter in the United States, Europe, and Asia, and inventories remain low. According to EIA’s September 2022 Short-Term Energy Outlook (STEO), the U.S. natural gas spot price at the Henry Hub will continue to climb this winter, reaching a monthly average of $9.10 per million British thermal units in January 2023. That price will be the highest inflation-adjusted monthly average price since 2008. Natural gas futures prices in Europe and Asia set records in August as pipeline exports from Russia to Europe reached their lowest level in 40 years and U.S. liquefied natural gas (LNG) exports remained limited due to the outage at the Freeport LNG facility. EIA expects demand for natural gas to remain high despite high prices for the commodity. “There are limited options for replacing natural gas in the short term, especially for electricity generation,” said EIA Administrator Joe DeCarolis. “We expect electricity producers—particularly in Europe—will have to generate some electricity from...
    by Michael Bastasch   Germany, widely known as Europe’s industrial powerhouse, is now leading the continent in an alarming new trend — rapid de-industrialization. Astronomical natural gas prices are forcing heavy industries, from smelters to fertilizer plants, to shut down or curtail production. Germany’s fabled “Mittelstand” — the collection of mid-sized firms that form the backbone of its economic might — is buckling under the weight of terrible decisions made by climate obsessed politicians going back decades. “It’s not good news,” German Economic Minister Robert Habeck said Wednesday of his country’s plight. “[I]t can mean that the industries in question aren’t just being restructured but are experiencing a rupture — a structural rupture, one that is happening under enormous pressure.” This rupturing of industry is being felt across Europe. Europe’s already lost at least half its ammonia production and one-third of its nitrogen fertilizer production due to sky-high gas prices, according to industry analysts. Ammonia and nitrogen fertilizer are both derived from natural gas using the Haber–Bosch process. Likewise, Reuters estimates roughly half of Europe’s aluminum and zinc smelters have shut down. Russia’s decision to...
    by Jack McEvoy   The price of U.S. natural gas futures reached its highest point since 2008 as gas demand continues to spike amid the worldwide energy crisis and the passage of the Democrats’ climate bill, according to The Wall Street Journal. Natural gas futures for November, December and January each surpassed $10 per million British Thermal Units (BTUs) on Monday, reaching highs that have not been seen since 2008, according to the WSJ. High prices are largely due to the strong demand for gas in Europe amid uncertainty surrounding Russian natural gas flows, the WSJ reported; furthermore, the Democrats’ new climate bill includes regulations that will hike expenses for natural gas producers. “The price hike comes from a lot of factors, starting with the continuing historic freeze on federal oil and gas leasing and the Biden Administration’s antipathy towards fossil fuels,” Dan Kish, a senior fellow at the Institute for Energy Research, told the Daily Caller News Foundation. “With Biden’s new climate/tax bill, new fees on methane, higher royalties and fees and more regulations will drive costs higher and...
    Russia has drastically reduced natural gas supplies to Europe in recent weeks, with flows via the Nord Stream 1 pipeline currently operating at just 20% of agreed upon volume.Picture Alliance | Picture Alliance | Getty Images European natural gas prices surged on Monday after Russia's state-owned energy giant Gazprom said it would shut down Europe's single biggest piece of gas infrastructure for three days from the end of the month. The unscheduled maintenance works on the Nord Stream 1 pipeline, which runs from Russia to Germany via the Baltic Sea, deepen a gas dispute between Russia and the European Union and exacerbate both the risk of a recession and a winter shortage. The front-month gas price at the Dutch TTF hub, a European benchmark for natural gas trading, jumped 19% on Monday to reach 291.5 euros ($291.9) per megawatt hour. The contract closed on Friday at a record high of 244.55 euros per megawatt hour, registering its fifth consecutive weekly gain. Gazprom said Friday that the shutdown was because the pipeline's only remaining compressor required servicing. Gas flows via the...
    New York (CNN Business)US natural gas prices have skyrocketed to levels unseen since 2008, a spike that threatens to offset the benefits of falling prices at the gas pump.Natural gas futures surged 7% on Tuesday to close at $9.33 per million British thermal unit (BTU), the highest closing price since August 1, 2008.Although natural gas futures cooled off a touch on Wednesday, they remain up about 70% just since the end of June. And natural gas is up a staggering 525% since closing at $1.48 in June 2020 when Covid-19 had shut much of the US economy down.The summer spike is being driven in part by high demand as scorching temperatures through much of the country force Americans to crank up the air conditioning. That in turn has chipped away at relatively low inventory levels. The US economy didnt get the recession memo"We've had this perma-heat wave cooking the United States," said Robert Yawger, vice president of energy futures at Mizuho Securities.Read MoreAs temperatures drop this fall and winter, the natural gas spike signals sticker shock for families. Not...
    Europe is facing an unprecedented gas crisis.Picture Alliance | Picture Alliance | Getty Images Europe is facing an unprecedented energy crisis that's pushing the economy closer into a recession and posing serious questions about the region's climate change ambitions. CNBC takes a look at how Russia, led by President Vladimir Putin, is squeezing gas supplies to Europe and what this means for the future.Russia cuts suppliesRussia has significantly reduced flows of natural gas to Europe since Western nations imposed tough sanctions on the Kremlin following its unprovoked invasion of Ukraine on Feb. 24. Moscow denies it is using gas as a weapon, but Europeans complain that Gazprom, Russia's state-owned energy company, is no longer a reliable provider. Reduced gas supplies from Russia are a problem for EU nations given it used to import about 40% of its gas stocks from the country. Data from Nord Stream, the operator in charge of a pipeline [Nord Stream 1] that links Russia to Germany, confirm that there's fewer gas volumes heading West. Last week alone, supplies via Nord Stream 1 were reduced...
    In this article ENPHWorkers install solar panels on the roofs of homes under construction south of Corona, California. The California Energy Commission in May 2018 adopted new energy building standards requiring solar panels for virtually all new homes built in the state starting in 2020.MediaNews Group/Inland Valley Daily Bulletin via Getty Images | Digital First Media | Getty ImagesEnphase Energy's second-quarter results were boosted by strong growth out of Europe as soaring natural gas prices prompt consumers to go solar. Shares of the company, which supplies solar energy components and battery systems, jumped more than 9% during extended trading Tuesday after Enphase beat revenue estimates for the second quarter. Here's how Enphase did versus analysts' expectations, as compiled by Refinitiv: Earnings: $1.07 per share, adjusted Revenue: $530 million vs. $505 million expected Europe was a key growth area, with revenue from the region jumping 69% quarter over quarter led by Germany and the Netherlands. Currently the U.S. makes up roughly 80% of Enphase's revenue. But CEO Badri Kothandaraman sees that changing fast. "Maybe in two years...
    New York (CNN Business)The world is grappling with gravity-defying energy price spikes on everything from gasoline and natural gas to coal. Some fear this may just be the beginning. Current and former energy officials tell CNN they worry that Russia's invasion of Ukraine in the wake of years of underinvestment in the energy sector have sent the world careening into a crisis that will rival or even exceed the oil crises of the 1970s and early 1980s.Unlike those infamous episodes, this one is not contained to oil."Now we have an oil crisis, a gas crisis and an electricity crisis at the same time," Fatih Birol, head of the International Energy Agency watchdog group, told Der Spiegel in an interview published this week. "This energy crisis is much bigger than the oil crises of the 1970s and 1980s. And it will probably last longer."The global economy has largely been able to withstand surging energy prices so far. But prices could continue to rise to unsustainable levels as Europe attempts to wean itself off Russian oil and, potentially, gas. Supply shortages could...
    The President of the Spanish Government, Pedro Sanchez.Europa Press News | Europa Press | Getty Images Spanish Prime Minister Pedro Sanchez has said his country — and southern Europe more broadly — could provide an answer to the shortfall in gas supplies from Russia as the region looks to double down on sanctions against Moscow. "Spain and, I would say, Southern Europe, will have a chance to provide an answer to this energy dependence of Russia fossil energy," Sanchez told CNBC at the World Economic Forum in Davos late Monday. Sanchez highlighted that Spain represents 37% of the European Union's total regasification capacity — where liquefied natural gas is turned back into the end product of natural gas. He also said the Iberian Peninsula, occupied by Spain and Portugal, is home to around half of the EU's LNG storage. "This war also gave us a very important lesson, which is that renewable energy, hydrogen, energy efficiency is not only a great ally for countries and economies to tackle the climate change efforts, but also in this very complex and very uncertain...
    KYIV, UKRAINE: Director General of Gas Transmission System Operator of Ukraine LLC (GTSOU) Serhiy Makogon. GTSOU will block Russian gas flows via two key entry points in Russian-occupied territory from Wednesday, May 11, 2022.Yuliia Ovsiannikova/ Ukrinform/Future Publishing via Getty Images European natural gas prices jumped after Ukraine's state-owned grid operator suspended Russian flows through a key entry point. Gas TSO of Ukraine on Tuesday announced force majeure – unforeseeable circumstances that prevent the fulfilment of a contract – the first declaration of its kind since Russia invaded Ukraine on Feb. 24. It said it would not accept flows through its Sokhranivka entry point, which delivers Russian gas to Europe, from Wednesday. The operator has also blocked gas transport through its border compressor station Novopskov, through which almost a third of gas (up to 32.6 million cubic meters per day) from Russia to Europe is moved. TTF European natural gas prices were up more than 6.4% by around 9:15 a.m. London time on Wednesday, according to Refinitiv data. Both the Sokhranivka gas metering station and Novopskov are situated in Russian-occupied areas...
    The European Union’s executive commission has proposed phasing out imports of Russian oil within six months. It is part of Europe’s struggle to stop paying Russia $850 million a day for energy and hit the Kremlin’s finances over its invasion of Ukraine. But reversing decades of dependence on Russian oil and natural gas is not a simple matter for the 27-nation bloc. For one thing, Hungary and Slovakia, both landlocked and big users of Russian oil, have said they won’t go along with the boycott. Here is what the oil sanctions could mean for people in Europe and the rest of the world: HOW MUCH DOES EUROPE PAY RUSSIA FOR ENERGY? Gas and oil have kept flowing even as governments denounce the war. The EU sends $450 million a day to Russia for oil and $400 million per day for natural gas, according to calculations by analysts at the Bruegel think tank in Brussels. That means energy revenue is bolstering the Kremlin’s budget, adding to foreign currency reserves that could help Russia support the ruble and partly make...
    In this article @NG.1 CTRA RRC EQT VIDEO3:3903:39Americans are paying unnecessarily high prices for nat gas across the country, says EQT CEOPower LunchU.S. natural gas prices surged to the highest level in more than 13 years Monday as Russia's war on Ukraine causes a global energy crunch and as forecasts called for cooler spring temperatures. Futures jumped 10% to trade as high as $8.05 per million British thermal units, the highest since September 2008. The jump builds on recent strength, with natural gas coming off five straight positive weeks. Prices later retreated slightly, with the contract ending the day 7.12% higher at $7.82. "The impact of the conflict between Ukraine and Russia is likely to be long-lasting for North American natural gas markets," said David Givens, head of natural gas and power services for North America at Argus Media. EBW Analytics added that a "bullish weather shift" has sent the U.S. market into "overdrive." For the year, U.S. natural gas prices are now up 108%, which is adding to inflationary concerns across the economy. The move is less extreme...
    MADRID (AP) — Across Europe, governments are slashing fuel taxes and doling out tens of billions to help consumers, truckers, farmers and others cope with spiking energy prices made worse by Russia’s invasion of Ukraine. But it’s not enough for some whose livelihoods hinge on fuel. Miguel Ángel Rodriguez was one of 200 concrete truck drivers who held a slow-driving protest around Madrid this week. He said filling up used to cost 1,600 euros ($1,760) a month, but he’s been forking out an extra 500 euros since the start of the year because of the rising price of diesel. “We will continue striking because, at the end of the day, it’s pretty much the same for us to go out to work or to stay at home,” Rodríguez said. He warned that his rising costs were part of “a domino effect that is only going to drive us all to our ruin unless the government takes some definitive action.” He’s among those in industries like trucking or fishing who are staging protests to push politicians to ease their financial pain....
    The Department of Energy announced Wednesday that it is authorizing liquefied natural gas facilities on the Gulf Coast to ship additional product across the globe in the face of constant pressure from Republicans to enable more fossil fuel production. The department's orders raised output thresholds on Texas-based Cheniere Energy Inc.'s Sabine Pass and Corpus Christi facilities, allowing the company to ship 0.72 billion cubic feet of LNG per day more than previously authorized. ABBOTT SAYS BIDEN BLOCKING TEXAS FROM PROVIDING NATURAL GAS TO FIX EUROPE ENERGY CRISIS The order also enables all LNG exporters to ship gas to any country in the world, including those with which the United States does not have a free trade agreement. "U.S. LNG remains an important component to global energy security, and DOE remains committed to finding ways to help our allies and trading partners with the energy supplies they need while continuing to work to mitigate the impact of climate change," the department said in its announcement. The decision coincides with a veritable energy crisis in Europe, largely...
    Russia has raised the prospect of stopping natural gas from flowing into Europe, a development that could have ripple effects across the global economy and energy markets. In a broadcast this week, Russian Deputy Prime Minister Alexander Novak threatened to cut off natural gas to Germany and Europe at large in retaliation for Germany’s decision to stop certification of the Nord Stream 2 pipeline. He referenced closing the Nord Stream 1 line, which supplies much of Europe’s natural gas. “We have every right to take a matching decision and impose an embargo on gas pumping through the Nord Stream 1 gas pipeline,” Novak warned. “So far, we are not taking such a decision,” he added. “But European politicians with their statements and accusations against Russia push us towards that.” RISK OF US RECESSION 35% AS RUSSIA WAGES WAR IN UKRAINE: GOLDMAN SACHS If Russia, under the leadership of strongman Vladimir Putin, decided to take such a drastic move as cutting off natural gas to Europe or even halting oil exports to the continent, there would...
    By Cathy Bussewitz and Matthew Daly | Associated Press NEW YORK — With Russia intensifying its war on Ukraine, killing civilians and triggering a mass refugee crisis, President Joe Biden on Tuesday announced a U.S. ban on imported Russian oil. Critics of Russia have said that sanctioning its energy exports would be the best — perhaps only — way to force Moscow to pull back. A full embargo would be most effective if it included European allies, which are also desperate to stop the violence in Ukraine and the danger Moscow poses to the continent. Yet it’s far from clear that all of Europe would take part in an embargo, though Britain announced Tuesday that it would phase out Russian oil imports by year’s end. Unlike the United States, Europe is deeply reliant on energy it imports from Russia, the world’s second-largest crude oil exporter behind Saudi Arabia. While the U.S. could replace the relatively small amount of fuel it receives from Moscow, Europe could not, at least not anytime soon. What’s more, any curbs on Russian oil exports could...
    WASHINGTON (AP) — As Russia has intensified its war on Ukraine, killing civilians and triggering a mass refugee crisis, some U.S. officials across the political spectrum have called for a ban on imports of Russian fuel. Such a ban, they say, would be the best — perhaps only — way to force Moscow to pull back. A full embargo would be most effective if it included European allies, which are also desperate to stop the violence in Ukraine and the danger Moscow poses to the continent. Yet it’s far from clear that Europe would take part in a total embargo. Unlike the United States, Europe is deeply reliant on energy it imports from Russia. While the U.S. could replace the relatively small amount of fuel it receives from Moscow, Europe could not, at least not anytime soon. What’s more, any curbs on Russian oil exports would send already skyrocketing oil and gasoline prices ever higher on both continents and further squeeze consumers, businesses, financial markets and the global economy. Here is a deeper look: WILL THERE BE A BAN...
    FRANKFURT, Germany (AP) — Fears are rising about what would happen to Europe’s energy supply if Russia were to invade Ukraine and then shut off natural gas exports in retaliation for U.S. and European sanctions. The tensions show the risk of Europe’s reliance on Russia for energy, which supplies about a third of the continent’s natural gas. And Europe’s stockpile is already low. While the U.S. has pledged to help by boosting exports of liquefied natural gas, or LNG, there’s only so much it can produce at once. It leaves Europe in a potential crisis, with its gas already sapped by a cold winter last year, a summer with little renewable energy generation and Russia delivering less than usual. Prices have skyrocketed, squeezing households and businesses. Here’s what to know about Europe’s energy supply if tensions boil over into war and Russia is hit with sanctions: WILL RUSSIA CUT OFF GAS SUPPLIES TO EUROPE? No one knows for sure, but a complete shutoff is seen as unlikely, because it would be mutually destructive. Russian officials have not signaled they...
    A group of Democratic lawmakers is asking Energy Secretary Jennifer Granholm to restrict the amount of liquefied natural gas that U.S. producers ship to lucrative overseas markets such as Europe, even while the Biden administration works to shore up energy supplies for the allies on the continent. The 10 senators, most of whom represent New England, asked Granholm on Wednesday to "take swift action to limit U.S. natural gas exports" and to look into how record LNG exports are contributing to higher gas prices at home. DAILY ON ENERGY: MINNESOTA REPUBLICAN SAYS BIDEN’S SELF-SABOTAGING WITH MINE OPPOSITION "When establishing U.S. LNG export policies, we understand there are geopolitical factors and global and regional markets to consider," the lawmakers wrote. "However, the administration must also consider the potential increase in cost to American families because of higher export volumes." Seven of the 10 senators represent New England states, which have seen energy prices spike significantly year over year. Wholesale power prices in the region averaged $59.42 per megawatt-hour for December, a 42% increase compared to 2020, while...
    FRANKFURT, Germany (AP) – Europe´s natural gas crisis isn’t letting up. Reserves are low. Prices are high. Utility customers are getting hit with higher bills. Major Russian supplier Gazprom isn’t selling gas like it used to. It all raises the question: How exactly is Europe, which imports most of its energy, going to make it through the winter without a gas disaster, especially if the season turns out to be colder or longer than usual? Here’s how the European Union, home to 447 million people, will try to deal with the crisis: Not Like That! Greta Thunberg Decries Inclusion of Nuclear, Gas in EU Green Playbook https://t.co/PIxHykAVV8 — Breitbart London (@BreitbartLondon) December 23, 2021 THE PROBLEM IS LOW STORAGE LEVELS: Utilities turn to gas stored in underground caverns to handle sudden additional demand for gas for heating or electricity. But Europe started 2021 with gas storage only 56% full, compared with 73% a year earlier. The reasons vary: cold weather last winter, lack of Russian deliveries on the spot market and robust demand in Asia for liquid natural gas that...
    FRANKFURT, Germany (AP) — Europe’s natural gas crisis isn’t letting up. Reserves are low. Prices are high. Utility customers are getting hit with higher bills. Major Russian supplier Gazprom isn’t selling gas like it used to. It all raises the question: How exactly is Europe, which imports most of its energy, going to make it through the winter without a gas disaster, especially if the season turns out to be colder or longer than usual? Here’s how the European Union, home to 447 million people, will try to deal with the crisis: THE PROBLEM IS LOW STORAGE LEVELS: Utilities turn to gas stored in underground caverns to handle sudden additional demand for gas for heating or electricity. But Europe started 2020 with gas storage only 56% full, compared with 73% a year earlier. The reasons vary: cold weather last winter, lack of Russian deliveries on the spot market and robust demand in Asia for liquid natural gas that comes by ship. Europe’s association of pipeline operators says cold weather would mean needing to import 5% to 10% more...
    The price of natural gas skyrocketed more than 30% in Europe on Tuesday after Russia continued to withhold key supplies with winter weather approaching. While the price, measured by the Dutch natural gas index, fell after its early spike, it remained about 20% higher at around midday Tuesday, Reuters reported. In December, Russian state-owned gas provider Gazprom slowed gas flows transported through the Yamal-Europe pipeline to Germany and reversed the flows’ direction from westward to eastward. Tuesday marked the 15th consecutive day the pipeline’s natural gas flowed from Europe back toward Russia, according to Reuters. While the pipeline is responsible for just 10% of the region’s supplies, the reversal has sent the price of gas to record highs. “European gas prices have rebounded, supported by the additional drop in Russian flows,” market analysts at the research firm Engie Energyscan said, according to Reuters. (RELATED: Germany Says Nuclear Energy Is ‘Dangerous,’ Slams EU For Labeling It Sustainable) The Russian government has denied interference in the pipeline’s operations, saying the flow reversal was a commercial matter. Russian President Vladimir Putin also placed...
    European natural gas prices hit an all-time high Tuesday after Russia suddenly reversed flows through a key pipeline transporting gas to Germany. The Dutch natural gas calendar, the benchmark European index, surged around 20% to over $195 per megawatt hour on Tuesday. The record price spike came after Russian state-owned energy firm Gazprom reversed and slowed gas flows through the Yamal-Europe pipeline, one of three routes the company uses to export natural gas to western Europe, the Financial Times reported. The pipeline’s flows from Russia declined to 6% of its capacity on Saturday and 5% capacity on Sunday, according to the FT. While the Yamal-Europe route, which travels through Poland, is responsible for just 10% of the natural gas supply in the region it supports, declining flows had an immediate impact on natural gas prices. “The market is in a febrile state, so these things come out and the prices are affected significantly and immediately,” IHS Markit’s Laurent Ruseckas told the FT. (RELATED: ANALYSIS: Biden’s Nord Stream 2 Move Opens The Door To A Russian Invasion Into Ukraine) The Kremlin,...
    On Thursday’s broadcast of CNN’s “The Lead,” Energy Secretary Jennifer Granholm stated that natural gas prices “are high” because “the supplies are not as robust as they have been.” And “this is all coming off,” “a real downturn in the economy due to COVID.” After discussing gasoline prices, Granholm stated, “Natural gas prices are slightly different. Again, that’s very regional. It’s — what is happening in Europe, natural gas prices are not the global market that oil prices are. So, in the U.S., our natural gas supplies are okay. The prices, though, are high because they’re not as robust, the supplies are not as robust as they have been. So, this is all coming off, as you note in your report, a real downturn in the economy due to COVID. You can’t flip a switch and turn all of those rigs back on. They are coming on, but it’s slow. So, that’s one of the reasons why the prices are high, of course. And on the gasoline/oil side it is a global market, and that’s what we’re seeing. Europe has...
    Power shortages are turning out streetlights and shutting down factories in China. The poor in Brazil are choosing between paying for food or electricity. German corn and wheat farmers can’t find fertilizer, made using natural gas. And fears are rising that Europe will have to ration electricity if it’s a cold winter. The world is gripped by an energy crunch — a fierce squeeze on some of the key markets for natural gas, oil and other fuels that keep the global economy running and the lights and heat on in homes. Heading into winter, that has meant higher utility bills, more expensive products and growing concern about how energy-consuming Europe and China will recover from the COVID-19 pandemic. The biggest squeeze is on natural gas in Europe, which imports 90% of its supply — largely from Russia — and where prices have risen to five times what they were at the start of the year, to 95 euros from about 19 euros per megawatt hour. It’s hitting the Italian food chain hard, with methane prices expected to increase...
    (CNN)The warning was hardly veiled. Vladimir Chizhov, Russian President Vladimir Putin's tough-minded representative to the European Union, recently said that if Europe wants to resolve any future issues with its supply of natural gas quickly, treating Russia as a "partner," not an "adversary," will help. David Andelman It's not the first signal that Russia is prepared to hold Europe hostage to natural gas prices, which are escalating dramatically. But with Europe currently facing an energy crunch, the context and timing are significant -- on both sides of the Atlantic. It's quite clear that both Washington and Brussels need to mind what's on the mind of Chizhov -- and especially Putin. For Europe, the price of not cozying up to Russia could be debilitating gas shortages this winter, not to mention exploding gas prices. Since natural gas is the primary heating fuel for Europe, this is a potentially existential threat. And lately, prices have shown a tendency to swing widely, often on the whim of, or prompted by, off-hand remarks uttered by one man: Vladimir Putin.Read More On October 6, for...
    A top Russian official suggested that better diplomatic treatment of Russia by the European Union would insulate EU members from energy shortages like they are experiencing now, indicating that Russia, already responsible for a significant share of the EU's gas imports, is looking to gain further advantage from Europe's vulnerabilities. Russian EU ambassador Vladimir Chizhov said the bloc, which last week saw what amounted to a nearly tenfold increase in spot gas prices since the beginning of the year, would be in a better position to remedy price hikes were it more amicable to its major natural gas-exporting neighbor. “The crux of the matter is only a matter of phraseology,” Chizhov told the Financial Times. “Change adversary to partner and things get resolved easier ... when the EU finds enough political will to do this, they will know where to find us.” DAILY ON ENERGY: EUROPEAN ENERGY PROBLEMS GIVE RUSSIA AN ADVANTAGE Chizhov also disputed that Russia has any interest in lagging supply and high prices in Europe, as some critics have maintained that President Vladimir...
    In this article @NG.1The Point of Ayr Gas Terminal in Talacre, Wales, on September 20, 2021.Christopher Furlong | Getty ImagesA global energy crunch is sending natural gas prices soaring in the U.K., Europe and Asia hitting record highs. However, experts say the stratospheric prices seen in Europe are unlikely to carry over to the States. Much will ultimately depend on what the winter weather brings. But the U.S. is better positioned heading into the colder months given that it's the world's largest natural gas producer, and because inventory levels are not as depleted as they are in Europe. "We're at a unique point in time now where just all energy prices are going up," Francisco Blanch, head of global commodities, equity derivatives and cross-asset quantitative investment strategies at Bank of America Merrill Lynch, said last week on CNBC's "The Exchange." "The U.S. is much more insulated from this global energy trend than the rest of the world," he added. That's not to say U.S. prices won't be volatile. Natural gas futures settled at their highest level since December 2008 on...
    Natural gas prices in the United States, spiking to their highest level in over a decade, remain a fraction of the surge seen in Europe. But the prospect of further price increases translating to higher utility bills this winter, when demand is highest, could shock U.S. homes and businesses that grew accustomed to a long period of low natural gas prices thanks to the shale boom. The issue of high energy prices more broadly has drawn the attention of the Biden administration, which fears political damage ahead of next year's midterm elections and a backlash against its agenda to move the economy off fossil fuels. "While natural gas prices are not as visible to consumers as retail pump gasoline prices, any persistent spike will hit consumers already grappling with broadly rising prices," said Bob McNally, a former top energy official in the George W. Bush administration. He now leads the research group Rapidan Energy. "That we are in much better shape than Europe won't be of much solace to the Biden administration if this winter is cold." Natural gas prices...
    Natural gas prices in the US have soared this week as Russian President Vladimir Putin leverages a shortage in Europe to secure approval for his controversial Nord Stream 2 pipeline. The standoff, which sent US natural gas prices to their highest levels in more than a decade, is spurring fears that energy and heating costs could skyrocket in America as the winter season approaches.  US natural gas prices rocketed to $6.31 per million British thermal units on October 6, with the spike blamed on fears of market volatility due to storage issues in Europe, which may trigger soaring demand for American natural gas. On Wednesday, Putin hinted that he will pump out more gas if Brussels approves the new pipeline bypassing Ukraine and entering the EU through Germany, leading UK officials to accuse Russia of turning energy 'into a weapon' and 'bullying' Europe.   Kremlin spokesman Dmitry Peskov said existing gas transit routes allow for bolstering supplies before the new Nord Stream 2 pipeline that will carry Russian gas to Germany begins operating. 'There is a potential,' Peskov said during a conference call with...
    London/Moscow (CNN Business)Speedy approval of the controversial Nord Stream 2 pipeline linking Russia with Germany could help bring down natural gas prices, a top Russian official said as Europe scrambles to address an escalating energy crisis.Russian Deputy Prime Minister Alexander Novak said Wednesday that "early completion of the certification" for Nord Stream 2 would help "cool off the current situation." The pipeline, which runs from Russia under the Baltic Sea and into Germany, is awaiting clearance from German authorities. Nord Stream 2 was completed last month despite years of opposition from countries including the United States, which warned that it would boost Moscow's influence in Europe. The Biden administration announced in July that it had reached a deal with Berlin that would allow the pipeline to go ahead in exchange for German assistance to Ukraine. A global energy crisis is coming. Theres no quick fixNow, the undersea pipeline could play a role in calming gas prices.Natural gas prices in Europe have increased more than 130% since the beginning of September and are more than eight times higher than at the...
    Homeowners in the United States might be in for a costly winter. Oil and natural gas prices continue to climb higher as supply struggles to keep up with demand, which will only increase as the temperatures begin to drop across the country and heaters begin to be switched on in houses. The price of natural gas used to heat homes across the country and produce electricity has skyrocketed over the past year, growing by about 180%. The oil price has also significantly risen, with the cost of crude more than doubling since this time last year. As September comes to a close and fall gets into full swing, many consumers will start to feel the pinch. Katie Tubb, a senior policy analyst for energy and environmental issues at the Heritage Foundation, told the Washington Examiner that it’s difficult to parse out the exact causes of the soaring energy prices, but supply and demand reign supreme. Tubb pointed out that natural gas has increasingly become a more significant part of the U.S. electricity sector. She said that...
    NEW YORK (AP) — Brace for a rude surprise on your winter heating bills. After years of unusually inexpensive levels, the price of natural gas in the United States has more than doubled since this time last year. In Europe and Asia, wholesale prices are more than five times what they were a year ago. The surging costs have coincided with a robust recovery from the pandemic recession, with more homes and businesses burning all forms of fuel. That intensified demand is poised to contribute to higher heating costs in many areas of the world. Having enjoyed a prolonged period of low prices, consumers of natural gas are facing the burden of far more expensive fuel — and the prospect of much higher heating bills this winter. “Consumers got used to very low prices last year, because with the pandemic everything was shut down,” said Mark Wolfe, executive director of the National Energy Assistance Directors Association. “Now, everything’s coming back online, industry is returning and natural gas is being used again in very large quantities. And that’s pushing up the...
    (CNN)Americans and Europeans may want to get off carbon-emitting fossil fuels, but they're still hooked on the stuff and getting off it is going to be painful and expensive.Europe is becoming the focus of an all-out energy crunch causing blackouts and factory stoppages there -- but that's also affecting prices in the US. One example: The price of natural gas, which heats half of US homes, is up 180%. Oil prices have skyrocketed too, thanks to long-depleted production by OPEC and the US. Analysts expect that gasoline prices will continue to rise. Inflation fears hit stocks Tuesday. Federal Reserve Chairman Jerome Powell told lawmakers that prices will remain elevated for months before tapering. His predecessor, Janet Yellen, who is currently the treasury secretary, also set a date -- October 18 -- for when the US government will run out of money unless lawmakers raise the country's debt ceiling. Read more about the markets and the looming drama around whether the US will cover its debt. Related news China's growing power crunch threatens more global supply chain chaos Automakers'...
    London (CNN Business)UK supermarkets could face shortages of meat and other fresh food within weeks after soaring gas prices prompted a major US fertilizer manufacturer to suspend production, turning off most of Britain's supply of carbon dioxide to the food and drink industry in the process.Illinois-based CF Industries (CF) said last week that it would halt operations indefinitely at its two UK plants because of the high price of natural gas. Those plants supply 60% of the United Kingdom's food-grade CO2 as a byproduct of fertilizer production, according to the British Meat Processors Association (BMPA), which warned on Friday that the supply shock could cause food shortages within 14 days once current stocks of CO2 gas run out.The gas is used to stun animals for slaughter, as well as in packaging to extend the shelf life of fresh, chilled and baked goods, and in the production of carbonated drinks.BMPA CEO Nick Allen told the BBC on Saturday that he has been "inundated" with calls since the factories shut. "Retailers are really concerned about it," he added.Britain delays Brexit border checks...
    Europe is facing an energy crunch caused by surging wholesale prices for natural gas, raising the prospects of higher utility bills for customers and forcing some manufacturers to halt operations. A complex brew of forces is causing the European gas market’s unprecedented surge, creating a “perfect storm” of higher than expected demand and low supply. ILLINOIS LEGISLATURE SAVES AT-RISK NUCLEAR PLANTS WITH CLEAN ENERGY BILL "We have never seen prices like this,” said Ira Joseph, the global head of generating fuels and electricity pricing at S&P Global. “We expected some sort of recovery after COVID because prices were so extremely low last year, but this is really extreme stuff." Global demand is up as economies open from the coronavirus pandemic, while a cold snap that occurred in the latter part of winter this year drained storage levels below normal levels, meaning there is little spare capacity. There are other factors at play. Stronger demand for liquefied natural gas exports in more competitive Asian markets has diverted cargoes away from Europe. Europe has also experienced unusually calm weather in recent...
    ROME — Anti-carbon policies in Europe have created a fuel shortage and sent energy prices through the roof, the Wall Street Journal (WSJ) editorial board reported Wednesday. In an effort to meet their commitments under the Paris climate accord, European governments have shut down coal plants while heavily subsidizing renewables like wind and solar. As Reuters reported last week, however, Europe has experienced lower than average wind speeds this summer, significantly cutting power generation from wind farms and driving up demand for natural gas and other fossil fuels. In the case of Germany, Europe’s biggest economy, energy from onshore wind is down 20.6 percent from last year and offshore wind has dropped 16.2 percent. In the same period, conventional electricity production from nuclear, coal, and gas has picked up the slack, up 19.7 percent in the last six months. Turbines of the Burbo Bank offshore wind farm lay in the wake of a maintenance boat in the mouth of the River Mersey in Liverpool, England. (Christopher Furlong/Getty Images) The net effect of Europe’s self-inflicted fuel shortage has been soaring energy...
    A liquefied natural gas (LNG) tanker arrives at a gas storage station.STR | AFP | Getty Images Natural gas prices have surged more than 35% in the past month, as worries grow there is not enough gas stored up for the winter should temperatures be especially cold in the northern hemisphere. The usually quiet market for the commodity has become hot in the last couple of weeks, as investors focus on the growth in demand around the world and supplies remain below normal. The biggest problem area is Europe, where supply is at a record low for this time of year. Even in the U.S., the amount of gas in storage is 7.6% below the five-year average, according to recent data from the U.S. Energy Information Administration. Natural gas is an important heating fuel and is responsible for about 35% of power generation in the U.S., the federal agency found. "People are starting to throw the 'crisis' word around" when it comes to Europe, said John Kilduff, partner with Again Capital. He said natural gas in storage in Europe is...
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