It’s been a week since the last market report, and a lot has happened resulting in much higher market conditions. While we enjoyed ourselves at Strat, there was no enjoyment in the markets as it broke 3 month highs. We are in testing times once more.
So what’s happened?
- The outage as a result of explosion and fire at the US Freeport LNG terminal extended to 90 days.
- Germany has entered the second phase of its three-phase emergency gas plan indicating its expecting supply from Russia to be at much more serious risk.
- Oil prices have declined over recession fears, but losses are curbed by tight global supply.
- Supressed gas flows through Nord Stream 1
Growing speculation Russia is willing and able to cut off Europe further to leave Europe vulnerable in winter months if storage is not replenished to 80% target.