“Perhaps the New York Mercantile Exchange price does not reflect the European price?”
The European price for natural gas ( like the Dutch TTF) rose much more than American prices during the war, but have dropped back significantly from their peak in August, when it became clear that Europe could meet its storage goals before Winter, without Russian gas.
From around 50 a year ago, it peaked near 350 on August 26, and has since dropped below 200.
All that frack-able NG in the Appalachian Basin, and almost none of it could be exported to Europe.
Crazy - then Biden arrived and did his best to destroy tight shale fracking everywhere in the Lower 48!
Germans are sounding pretty optimistic.
“German gas storage 90% full ahead of winter despite Russian cuts”
“German Economy Minister Robert Habeck said Germany has a chance of getting through the winter “comfortably” despite the lack of Russian gas. Germany is on track to meet a 95% storage capacity target by November.”
https://www.dw.com/en/german-gas-storage-90-full-ahead-of-winter-despite-russian-cuts/a-63178397
Energy markets being remade.
“Spain Says It Can Send France More Gas After Boosting Export Capacity”
“Spain completed tests at a natural gas facility that will boost its export capacity by 18%, paving the way for France to buy more as it reduces its reliance on Russian supplies.”
“The Irun station is one of two existing interconnections between Spain and France, and the expansion will now take the annual combined capacity to 8.5 billion cubic meters.”