Close price: Another consecutive day of price rises. One look at the below graph shows we are nearing the peaks of March. Many issues on supply are emerging. A energy storm is on the horizon and we are moving fast towards a direct collision.
Opening price: Sharp upwards opening in prices today. W-22 has reached all-time highs. An impending strike by Norwegian oil and gas workers tomorrow looms, reducing output by 13%. The Spread between Europe and Asian LNG markets widens further in Asia’s favour.
The biggest concern is the reality that following maintenance ending on the Nord Stream 1 on 21st July, the pipeline may not return for one reason or another, and almost certainly it won’t be flowing at 100% until the sanctions over spare compressor parts is resolved.
The ‘Energy Crisis’ continues and arguably worse than ever.