Natural Gas News – November 2, 2021
Natural Gas Prices Could Soar Even Higher As Europe Braces For A Cold Win
As Europe enters the heating season with natural gas inventories at the lowest level in a decade, policymakers, consumers, and industries are left at the mercy of the weather, hoping for a mild winter to avoid further tightening of the already tight European gas market. Following the colder than usual 2020/2021 winter, Europe has been struggling to fill gas storage sites to adequate levels in recent months as Asian buyers have been snapping up LNG cargoes. Buyers prefer to ship LNG to Asia where the price of gas per million British thermal units is higher than the equivalent prices in Europe. Despite the fact that the global gas price surge originated from woefully low inventories in Europe and led to record Asian LNG spot prices, Asia is winning the bidding war for spot LNG supply, leaving Europe undersupplied.… For more info go to https://bit.ly/3k1BG0v .
Europe’s energy crisis deepens as Russia cuts gas exports
Russian exports of natural gas to Europe fell over the weekend and into Nov. 1, with a complete pause in delivery via the Yamal pipeline deepening the continent’s already acute energy crisis. Coinciding with the new gas month and the meeting of world leaders and diplomats at the UN Climate Change Conference (COP 26) in Glasgow, the maneuver also came against a backdrop of ongoing deliberation over the fate of Russia’s Nord Stream 2 dual-pipeline system, which is nearing completion but remains in the balance. Having gradually ramped down exports via Yamal since August, German transmission system operator Gascade said physical entry flows at Yamal terminus Mallnow had fallen to zero, and even began flowing in the other direction. It had not switched back as November delivery began. Moreover,… For more info go to https://bit.ly/3BCPkgK