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EU gas prices are seven times higher than in US

Samizdat | August 18, 2022

European natural gas prices are trading at levels equivalent to about $70 per million British Thermal Unit (BTUs), which is roughly seven times higher than prices in the United States, CNN reported on Wednesday, citing Lipow Oil Associates.

Analysts told the outlet that Europe’s natural gas crisis is contributing to higher prices in America, noting however that it’s not the main driver. US natural gas prices have surged to levels unseen since 2008, closing at $9.33 per million BTU on Tuesday.

“Higher global prices are trickling down to the US. Natural gas has become a global commodity with the emergence of LNG,” said Rob Thummel, senior portfolio manager at Tortoise Capital Advisors.

The United States has stepped up its exports of LNG to Europe in an effort to mitigate the impact of declining flows from the continent’s major natural gas supplier, Russia.

“Every spare molecule we can find, we are shipping to the Eurozone,” Robert Yawger, vice president of energy futures at Mizuho Securities, said.

European gas prices have quadrupled since the start of the year on thinning Russian flows. This week, the cost of gas futures on the TTF hub in the Netherlands exceeded $2,600 per thousand cubic meters for the first time since March. Prices are forecast to spike 60% this winter, exceeding $4,000 per thousand cubic meters.

August 18, 2022 - Posted by | Economics, Malthusian Ideology, Phony Scarcity | ,

2 Comments »

  1. the US is the #1 producer of natural gas in the entire world.
    so really, what did yalls expect.

    Like

    Comment by jha | August 18, 2022 | Reply

  2. Well, if Russia supplies Europe with most of it’s Oil and Gas, why has NATO brought this crisis about, by Backing its own move East towards Russia(something it promised never to do?) Of course, having a “puppet” dictator installed in Ukraine(in 2014) had something to do with the present situation, as well, didn’t it?
    Zelensky is an American Stooge(installed by some American named Biden, who happens to be the son of the current ‘Stooge’ President of the USA, join the dots, follow the money……

    Like

    Comment by brianharryaustralia | August 18, 2022 | Reply


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