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Mar 7 • 7 tweets • 2 min read
European natural gas prices surge 38% (!!) to a new record 🚨

🇷🇺 The market fears Russian gas exports may be disrupted if US embargoes oil
🇷🇺 Russian gas account for about a third of Europe’s demand, and are currently not covered by current sanctions

bloomberg.com/news/articles/…
European natural gas futures are now above $82/mmbtu. That's 14-times higher than the 5-year average for this time of year

Any ban or cutoff of Russian gas flows to Europe could require “extreme” government measures to ration supplies: Engie's CEO

bloomberg.com/news/articles/…
European natural gas surge 60% (!!!!) to over 300 euros/MWh for the first time ever
European natural gas is trading above $100/mmbtu

#UnchartedTerritory
Sorry, couldn't resist this meme
European gas prices have receded a bit and are trading at **checks notes** $83/mmbtu
European natural gas futures pare most of its gains, and are only up about 16% compared to the previous day

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More from @SStapczynski

Stephen Stapczynski Profile picture
Mar 8
China is considering to buy stakes in Russian energy companies and assets 🇨🇳💰🇷🇺

👋 The move comes as Big Oil exits Russian oil & gas projects due to Ukraine war
🛢️ Any Chinese investment is to boost energy imports, and not a show of support for the war

bloomberg.com/news/articles/…
Japanese officials have warned that if they exit their Russian investments, then countries like China will just snatch them up

Sanctions will be pointless if Japan exits projects only for another country to take its place, said Trade Minister Hagiuda

bloomberg.co.jp/news/articles/…
Beijing is in talks with its state-owned firms, including CNPC and Sinopec, on any opportunities to invest in Russia

Sources said that any deal would be to bolster China’s energy security, not as a show of support for Russia’s invasion in Ukraine
Read 4 tweets
Stephen Stapczynski Profile picture
Mar 7
Belgium should “keep an open mind” about extending the life of nuclear reactors due to the energy crisis, its energy minister said 🇧🇪☢️

This shows a shift for Belgium, which had targeted to phase out nuclear by 2025

Russia’s invasion of Ukraine has sent fuel prices surging
Without nuclear, Belgium would likely be forced to depend on more natural gas…

👀
Countries including South Korea are reassessing nuclear phaseout plans amid sky-high fossil fuel costs and plans to curb emissions
Read 4 tweets
Stephen Stapczynski Profile picture
Mar 6
Brent oil surged, briefly touching $139 a barrel (!!), after the US said it was talking with allies on a Russian oil embargo, fanning supply fears🛢️

A formal embargo would squeeze Russian exports in a market that's already pretty tight

#OOTT

bloomberg.com/news/articles/…
US gasoline prices rising on the back of higher crude...

Oil isn't the only thing surging...

⚙️Palladium hit an all-time high on mounting concerns that exports from top producer Russia
🇷🇺 Russia accounts for 40% of all mined production of the metal that’s used in catalytic converters in gasoline vehicles

bloombergquint.com/business/palla…
Read 5 tweets
Stephen Stapczynski Profile picture
Mar 5
Shell, one of the largest oil traders, bought a cargo of Russia’s flagship crude at a record discount 🛢

The decision may be seen as a symbolic act by the rest of the market. Governments so far haven’t banned Russian oil, but some traders are avoiding it

bloomberg.com/news/articles/…
Ukraine’s Minister of Foreign Affairs criticised Shell’s purchase 🇺🇦
Shell said they have to continue purchasing oil from Russia for certain customers as there is a lack of alternatives
Read 6 tweets
Stephen Stapczynski Profile picture
Mar 5
Elon Musk says more oil & gas production is needed now to help bring down sky-high prices 🛢

Russia’s attack on Ukraine has sent energy prices surging this week👇

🇺🇸 US crude oil futures at 14-year high #OOTT
🇪🇺 Europe natural gas at record
🚢 Asia LNG at a record
US oil futures posted its biggest weekly gain EVER as Russia’s attack on Ukraine has sparked fears of a major supply crunch 📈📈📈

Futures in New York rose by more than $24 this week, the highest weekly dollar increase on record

(Russia is a major exporter of oil & gas 🇷🇺) Image
The Biden administration is weighing a ban on US imports of Russian crude oil 🇺🇸 🙅‍♂️

(Yes, the US still imports Russian oil even a decade after the shale revolution turned America into an exporter. It makes up 3% of total US crude imports last year)

bloomberg.com/news/articles/…
Read 4 tweets
Stephen Stapczynski Profile picture
Mar 4
North Asia’s liquefied natural gas spot price surged to a record 🚨

🚢 Russian supply concerns intensified competition between Asia and Europe for available supply of the super-chilled fuel
📈 JKM LNG rose to nearly $60/mmbtu, doubling in the last week

bloomberg.com/news/articles/…
“Panic spread through the international gas markets over supply availability due to the Russia-Ukraine conflict,” according to S&P Global Commodity Insights

bloomberg.com/news/articles/…
Asian LNG prices were pulled higher by a historic rally in European rates

Dutch TTF futures nearly touched 200 euros/MWh, also a record high. They're trading around 190 euros today, roughly equal to $60/mmnyu

bloomberg.com/news/articles/…
Read 6 tweets

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