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Europe’s Natural Gas Shortage Could See Rest of World Paying Larger Heating Bills This Winter: Experts
Epoch Times ^
| Katabella Roberts
Posted on 09/14/2021 9:23:10 PM PDT by SeekAndFind
Europe’s record low supply of natural gas could see the rest of the world paying larger heating bills in an effort to stay warm this winter, experts warn.
Natural gas prices have risen more than 35 percent in the past month amid lower supplies and a surge in demand as pandemic-hit economies around the world reopen, prompting fears that there is simply not enough gas stored up for the winter if temperatures were to be particularly cold in the northern hemisphere.
Some experts are now pointing to Europe, where supply is at 16 percent below the five-year average, a record low for this time of year.
John Kilduff, partner with Again Capital, told CNBC that “people are starting to throw the ‘crisis’ word around” when it comes to Europe.
“Europe is squarely behind the eight ball going into the winter season. It’s going to put the focus on this commodity that’s been overlooked for the last several years,” Kilduff added.
Things could well get worse for the United States too if shortages were to become more severe in Europe, with prices possibly even doubling.
“If it’s a cold winter, gas will not just be tight. It will be very tight,” Daniel Yergin, vice chairman of IHS Markit, said. If that’s the case, prices could go sharply higher. “It will either be physical shortages, or it will be reflected in price.”
Meanwhile, Goldman Sachs commodities analyst Samantha Dart last week noted that if the coming winter is colder than normal, natural gas prices could jump up past $10/MMBtu.
(Excerpt) Read more at theepochtimes.com ...
TOPICS: Business/Economy; Foreign Affairs; Germany; News/Current Events; Russia; United Kingdom
KEYWORDS: energy; energyprices; europe; gas; naturalgas; shortage
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Stupid people should suffer for their stupidity
posted on 09/14/2021 9:25:00 PM PDT
We are living in the dark ages and era of anti-enlightenment.
posted on 09/14/2021 9:31:28 PM PDT
(...To disarm the people is the best and most effectual way to enslave them.-S.Adams)
“Things could well get worse for the United States too”
We all know who is at fault for that.
We have the worlds known largest deposit of NG and pig face has bidet will make sure we are all equal-equally miserable.
posted on 09/14/2021 9:32:56 PM PDT
Can we all say “fungible?” I knew that you could.
European energy prices affect the world. Welcome to the shared misery.
posted on 09/14/2021 9:39:07 PM PDT
It’s all about the misery these days, no matter what the topic. Our new overlords can’t find their butts with both hands.
posted on 09/14/2021 9:46:21 PM PDT
(Living one day at a time in the national psych ward.)
I thought the winter winds blow the fans faster? I’m sure that was their rationale...
posted on 09/14/2021 9:57:57 PM PDT
When our energy resources use are prohibited from being used by political edict, that curiously benefits Russian oil supply
Pipe line shut downs affecting our resources and supply. which result in thousands losing jobs and reliance on costly imports from foreign sources. Denying our energy resources use which if fully developed would turn out to be a major source of income when exported also gives Russia control over Germany .
Disasterous results should be expected when such edicts are issued . Those who order and support such decisions should be impeached because of the serious damage being done to the economy.
Alaska and states like Californica and every state which has so called fossil energy reserves both coal and oil and this includes llinois which has both. Cal and Alaska, TX, and possibly Penn has enough stuff there they not only get the stuff from the ground but process it into fuel so that their gas would only cost $1.50 or even less a gallon
posted on 09/14/2021 10:00:14 PM PDT
(mosesdapoet AKA Lee J Keslin posting in the hopes comments get passed around )
The just-finished pipeline from Russia will alleviate the short supplies in Europe......
.......Until Putin starts to turn the screws.
posted on 09/14/2021 10:23:46 PM PDT
(Comitia asinorum et rhinocerum delenda sunt.)
With President Trump and Drill Baby Drill, we had begun exporting LNG in massive amounts to Europe.
DemocRATS and socialists just love shortages of all kinds. I’ll never forget this amazing book by Shirley Christian “Nicaragua: A Revolution In the Family.” Before the Sandinista Commies took power, there were thriving farmers markets all over the country. Farmers from far and wide brought their crops to sell. In small villages, and larger towns, there was an abundance of food. The day after the Commies took power, food rationing was instituted, and the farmers markets were ILLEGAL. Anyone caught trying to sell were immediately arrested as an enemy of the state. Just like in every other communist, socialist, fascist state, the ‘leaders’ (dictators) had all the food, and rationed it, to be ‘fair.’ The Commies in Nicaragua even boasted about their freedom of the press. What they did not tell the world was that they did not just ration the paper the ‘press’ could use, they only provided paper to the newspapers and magazines that printed ‘the truth.’ So, anyone trying to get out anything ‘untruthful’ had no paper with which to print.
The modern-day Sandinistas in America use FakeBook, YouTube, Twitter, Et Al to ban anything considered untrue. We shall see.
To: Chad C. Mulligan
In fact the current problems with the EU supply are the result of Polish and Ukrainian influence.
They tried to outlaw the long-term contracts with pre-determined prices between the Euro-entities and Russia’s Gazprom, and managed to put the legal limits allowing Gazprom to use no more than 50% of its transit capacity, the rest reserved for “alternative suppliers” that don’t exist.
It is no surprise that prices skyrocketed to the all-time highs of $800 per tcm on the lack of supply.
The Germans are pretty much relaxed with their fixed contract for $270/tcm and Nordstream II about to get operational.
That explains Ukraine desperately lobbying to maintain gas transit over its territory.
They couldn’t pay $55 at the time, $800 is absolutely impossible for their economy, although 100% deserved and self-inflicted.
They want to steal German-bound gas from the pipeline not to freeze to death in winter.
Where I live if you get cold you put on a sweater or use a blanket but a lot of people use gas for their cooking. There are no gas lines, they buy their gas in bottles and the cost of them can cause a lot of pain. We have a gas grill out on the terrace that we use in the summer to keep the house cooler but one bottle can last us all summer and we have 3 full spares. We also have a portable gas heater that runs off of those same bottles but other than trying it years ago when we first bought it to make sure it worked we haven’t used it.
Jeez… Nord Stream 2 is finished and ready to deliver gas once the German authorities “certify” it. I read somewhere that that certification will take 4 or 5 months to complete… which will be well into the depths of winter. Maybe they can accelerate their certification process.
No, the Left in America will blatantly ignore this and plunge this already wrecked nation further into the renewal energies blackhole.......
posted on 09/14/2021 11:55:39 PM PDT
Isn’t it amazing that despite the spread of Socialism, the essential laws of Supply & Demand still stand!!!
Europe’s problem: annual production is only 20% of annual consumption.
posted on 09/15/2021 12:05:52 AM PDT
by Mr Radical
(In times of universal deceit, telling the truth is a revolutionary act)
Did France close 5 of their nuclear reactors in 2018? Obama sent troops into Syria to fix that. Hmm Biden will send troops in to A-Stan for Europe. Tired of it. Isn’t Europe committed to fairy dust electricity.
Build nuclear reactors, now. Open old ones and let’s get busy.
posted on 09/15/2021 2:05:00 AM PDT
(Ephesians 6... who you are really at war with.)
It is cost ineffective to reopen decommissioned reactors. I’m all for building the next gen ones.
posted on 09/15/2021 2:28:04 AM PDT
To: Ronaldus Magnus III
Remember the shortages and long lines at stores in Soviet Russia? That’s what happens when we let communists “plan” the economy.
posted on 09/15/2021 3:15:07 AM PDT
(The evil that men do lives after them )
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