1/2.
Europe about to be hit by another very significant wave of the rolling #thermal energy crises?
1. US Freeport #LNG facility (20% exports) offline from mid June until late this year.
2. Norwegian oil and gas workers start strike today. Impacting 13% of gas exports.
Europe about to be hit by another very significant wave of the rolling #thermal energy crises?
1. US Freeport #LNG facility (20% exports) offline from mid June until late this year.
2. Norwegian oil and gas workers start strike today. Impacting 13% of gas exports.
3. Nord Stream pipeline set for full maintenance shut down next week (with questions around how/ when & whether it will return).
4. Natural gas prices have already rocketed. European LNG at $50mmbtu (vs $6 in US). That's $270 on barrel of oil equivalent basis & 2.75x oil parity!
4. Natural gas prices have already rocketed. European LNG at $50mmbtu (vs $6 in US). That's $270 on barrel of oil equivalent basis & 2.75x oil parity!
Can't see how this doesn't have macro implications for European activity, ECB, inflation and the euro?
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