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Mar 9 • 5 tweets • 2 min read
European natural gas slumps as the bloc's government remains reluctant to sanction Russian supplies 📉📉

🇪🇺 Benchmark futures fell as much as 21%. But they're still way more expensive than normal
🇷🇺 Russian shipments are currently running as normal

bloomberg.com/news/articles/… Image
Looks like traders arent too worried about this...

But watch out for Asian demand…

🇯🇵 Japan LNG inventories held by utilities slumped to the lowest level since Dec 2020. They may be eager to snatch up more cargoes to refill storage
Strong Russian natural gas flows to Europe… 👀
Asian LNG prices also slump, following European rates lower

(They’re still pretty expensive)

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More from @SStapczynski

Stephen Stapczynski Profile picture
Mar 11
Uranium prices surged the highest since the 2011 Fukushima disaster on Russia supply concerns
📈☢️

Prices rose to $59.75/lbs, highest since March 2011, when meltdowns at Fukushima sent shockwaves through the nuclear industry and dashed uranium demand

bloomberg.com/news/articles/… Image
The White House is considering sanctions on Russia’s state-owned atomic energy company, Rosatom, intensifying concerns over disruptions to uranium exports from Russia

Rosatom and its subsidiaries account for more than 35% of global uranium enrichment

bloomberg.com/news/articles/…
By coincidence, it is the 11th anniversary of the Fukushima crisis

english.kyodonews.net/news/2022/03/5…
Read 4 tweets
Stephen Stapczynski Profile picture
Mar 10
Europe's plan to quit Russian natural gas is setting up a global fight for LNG 🇪🇺🥊

The EU aims to boost LNG imports by as much as 37 million tons this year (!), far outstripping supply

Asia and Europe will battle for spare LNG cargoes like never before

bloomberg.com/news/articles/… Image
So what does this mean? Higher spot prices for longer

“Europe will need to bid these cargoes away from Asia,” said Nikos Tsafos of CSIS. “But what does a bidding war look like when spot prices are already above $50? I have no idea.” Image
To be sure, Europe's plan to quit Russian natural gas is full of obstacles

Its import terminals are working near max-capacity, and it will require additional FSRUs to take a large jump in deliveries

bloomberg.com/news/articles/…
Read 4 tweets
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 7
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
Read 7 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

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