Europe is going to have a very rough winter - Sept 7

[dan_s]

From OilPrice.com

- Europe is struggling to contain a double whammy of high natural gas and electricity prices, just as it had been bouncing back from a prolonged slump, Bloomberg reports.

- The gas replenishment rate in Europe’s gas storage sites has continued to slow down, standing only 69% full (a 10-year low for this time of the year), pushing TTF forwards above Brent prices. TTF is the natural gas price index in Europe. It is close to $18/mcf.

- Amidst disappointing wind generation figures, some countries are increasing their coal purchases, which in turn maintains the upward pressure on carbon prices as they have breached another threshold this week, trading above €62 per metric ton of CO2 equivalent. < The idiots that back the Paris Climate Accord and the Green New Deal are getting the opposite of what their goals are (more use of coal). Maybe attacking the oil & gas industry that supports their high standard of living isn't the smartest of ideas. Windmills and Solar Panels will NEVER meet even half of our electricity demand.

- Germany, France, and the United Kingdom all saw their year-ahead contracts for 2022 reach an all-time high on Monday, with all of them trending well above €90 per MWh (almost $110 per MWh).