Less cold winter, lower gas prices (but not in Europe)
Natural gas futures in the US plummeted by up to 12% based on new weather models that predict above-average temperatures for the US – Lower 48 through the first half of December.
Contracts for January delivery plummeted 11% on CME. Prices have dropped 25% from seven-year highs (to around $ 6.50) because the European energy crisis is estimated not to spread to US markets, at least not on a large scale.
“ The chill of late autumn in Europe and Asia has sparked fears that the global gas shortage worsens as nations struggle to replenish supplies. But so far, there are few signs of a similar situation developing in the United States, even as shale gas producers keep production in check. and the country's liquefied natural gas exports hit a record, ”Bloomberg said.
If in the US they smile, at least for now, in Europe there is still very little to be happy about. Gas futures, even if lower than the highs of a few days ago, are still extremely high, indeed they seem to have stabilized at a value 3-4 times compared to the one prior to the current crisis.
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These are the prices on the futures market of the netherlands, european reference. A beautiful disaster, just the day after the data on industrial production costs in Italy which saw an impressive increase of 20%. With these levels of energy costs, many companies will have no choice but to close production for inconvenience.
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The article Less cold winter, lower gas prices (but not in Europe) comes from ScenariEconomici.it .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/inverno-meno-freddo-prezzi-gas-piu-bassi-ma-non-in-europa/ on Tue, 30 Nov 2021 12:00:31 +0000.