European Energy Prices Set To Spike This Week

[Webster]

(The Guardian) Pressure on gas prices
Gas prices are tipped to rise sharply in Europe on Monday morning after Russian company Gazprom said it was closing the Nord Stream 1 gas pipeline until further notice, citing maintenance issues.

Prices have soared since the invasion of Ukraine led to western sanctions on Russia, with the Kremlin responding by cutting gas exports to Europe.

Prices had begun to fall last week amid some optimism that Europe could make it through the forthcoming winter months without households and industry having their supplies cut off. But the Nord Stream closure has refeocused markets on the problem and seem certain to send prices up again.

Here’s the state of play in the UK natural gas market on Monday morning – prices in pence per therm (picture above).

 

[Webster]

(The Guardian) Kremlin blames Europe for pipeline closure
The Kremlin has blamed European politicians for the closure of the Nord Stream 1 pipeline, one of its main gas supply routes, saying their economic sanctions on Russia had hindered Gazprom’s maintenance of the pipeline, Reuters reports.

“If the Europeans absolutely absurdly make a decision to refuse to service their equipment, or rather, equipment that belongs to Gazprom, but which they are contractually required to service, this is not Gazprom’s fault,” Kremlin spokesman Dmitry Peskov said in an interview with Russia’s state television, according to the Interfax news agency. “It is the fault of those politicians who made decisions on sanctions.”

 

[Cedric]

I heard that in the news today.
It's ridiculous, governments can't keep doing this to us. So much is going on and being inflated right now, the people need to step up and riot to governments. But I guess we are still too much in our comfort zone for that. All we need is some crazy ass psycho that go threaten the politicians and make changes.

 

[Mini Maul]

Europe got way to comfy with Russia and now are paying the price for it.

Kinda the problem when you get one person/country to provide you with all your oil and gas. Its shown that Europe needed Russia way more than Russia needed Europe.

Though the other options of the Middle East arent exactly known for their civil rights and freedom of speech...Lesser of two evils at the moment it seems.

 

[Webster]

Europe got way to comfy with Russia and now are paying the price for it.

Kinda the problem when you get one person/country to provide you with all your oil and gas. Its shown that Europe needed Russia way more than Russia needed Europe.

Though the other options of the Middle East arent exactly known for their civil rights and freedom of speech...Lesser of two evils at the moment it seems.

Damned if you do, damned if you do.

Quote me on this, Mini, but this is precisely one of the few things Trump got right (i.e. weaning America off of foreign sources of energy).

 

[Mini Maul]

Damned if you do, damned if you do.

Quote me on this, Mini, but this is precisely one of the few things Trump got right (i.e. weaning America off of foreign sources of energy).

True, though the US still get like 20% of its gas and oil from Canada iirc.

It was actually Obama who originally said that he wanted to free the US from Foreign Oil dependancy though later said Mexico and Canada didn't counts as foreign oil.

The Irony Of President Obama's Oil Legacy

President Barack Obama speaks at the TransCanada Pipe Yard in Cushing, Okla., Thursday, March 22, 2012. (AP Photo/LM Otero) There is a great irony that spans the presidential terms of George W. Bush and Barack Obama. President Bush, widely viewed as a Texas oil man, presided over eight straight...

www.forbes.com

So without the Canadians and Mexicans, theyd be in a little bit of a pickle. But for the most part yes, Trump overturned a pipeline that comes from Canada which is turn led to being able to not rely on Russian Oil. Whether that was his intention, or caught a lucky break I'll let you argue over that

 

[Webster]

I'll let you argue over that

Mini, you know us Yanks - we'll argue over anything!

 

[Webster]

(The Guardian) Full story: Gas prices soar and pound and euro fall as Russia shuts Nord Stream pipeline
Gas prices surged on Monday and the pound and euro slumped after Russia shut down a big pipeline indefinitely.

Russia has used its control of gas supplies to exert pressure on European countries in retaliation against sanctions imposed after its invasion of Ukraine. Gazprom, the Russian state-controlled gas company, closed the Nord Stream 1 pipeline from Russia to Germany on Friday, saying it had found a leak requiring repair.

The threatened cuts to supplies of gas from Russia have prompted a scramble by European countries to store as much gas as possible before winter, as well as efforts to find alternative supplies.

However, the prospect of Russia cutting off an important pipeline completely caused prices to increase on Monday, as investors brace for severe shortages. The contract for gas delivery next month in the UK soared by 35%, to 550p a therm. That was an increase from the 410p a therm cost on Friday afternoon, and approaching the five-month high of nearly 650p set last month.

Winter gas prices were also up sharply. The wholesale UK gas contract for November jumped 27% to 638p a therm on Monday morning, while the December contract rose 26% to 720p a therm. Both are near last month’s record highs.

The benchmark Dutch TTF October gas contract rose by 30%, up €62 to €272 a megawatt hour.

 

[Nebulous]

That sucks big time! Sorry you guys have to pay so much. I thought I was paying a lot for electricity and other utilities.