Henry Hub Natural Gas Spot Price - Historical Annual Data
Year Average
Closing Price Year Open Year High Year Low Year Close Annual
% Change
2022 $6.59 $3.74 $9.85 $3.73 $9.10 138.22%
2021 $3.89 $2.60 $23.86 $2.43 $3.82 61.86%
You can argue all you want about the price of gas going down over the next three months as we go into winter (snicker), but the bulk of Putin’s windfall is already in the bank.
“the bulk of Putin’s windfall is already in the bank.”
Correction: already spent - and then some.
The money that came in is gone, and they have been running bigger budget deficits (in surplus before the war and sanction), cashing out the National Wealth Fund, and printing money at a blistering rate.
Russia is excluded from borrowing on international markets, and the main credit ratings agencies (e.g. S&P Global, Moody’s, Fitch) have dropped its creditworthiness off their charts (below D).
This is an epic economic disaster for Russia, worse than the 1990’s, when the Soviet Union collapsed. Back then, the rest of the World was looking to help rebuild a new Russia. Now the world is looking to kick Russia while it is down, to knock the aggression out of it.
Putin’s giant crime spree is not the future that the neighbors on Planet Earth are willing to accept. No reward for aggression.
Punishment.