Posted on 02/17/2023 11:51:54 PM PST by dennisw
Alternative suppliers and a warm winter have brought European gas prices below 50 euros per megawatt hour. That marks an 85% drop from the price peak last year, when Russia cut gas exports and sparked a price spike.
Natural gas prices are now equivalent to $85 per barrel, nearly on par with Brent crude oil at around $83.
Thanks to a warm winter and support from new suppliers, European natural gas prices have dropped below 50 euros per megawatt hour and hit the lowest level in 18 months.
On Friday, the benchmark TTF contract fell 5% to a low of 49 euros amid optimism that Europe will avoid shortages this winter and next.
While still above historical averages of 10 to 30 euros, prices have plunged 85% from highs reached last summer, when Russia President Vladimir Putin sought to weaponize energy by cutting off gas supplies to Europe, which had imposed sanctions on Moscow for its invasion of Ukraine.
The worst of the energy crisis was dampened by a mild winter, in which Europe experienced its third warmest January. Europe's gas storage is at 65% of capacity with winter now more than halfway over.
(Excerpt) Read more at msn.com ...
If you ever saw any video clips from Russian TV prime evening newshour.....which is a chaotic visual circus
You would have seen Putin’s media monkeys jumping around and proclaiming that Europeans would be freezing in the dark. Some FReepers were like this too.
Meanwhile Americans are paying hundreds of dollars more every month for natural gas.
The grasshoppers are laughing at the ants.
You might want to think about why that might not be a good thing.
Interpolate "The Frost Giant" into your thinking.
Where I'm from, "The Frost Giant" is relentless. We don't laugh at him.
The people that are stooopid, and the grasshoppers, do laugh.
OK so you are pissed that Europe had a warm winter. Anything else?
Norway seems happy. Stoltnburg seems happy. The Nordsteam pipelines seem blown up. The Biden family wallet seems fatter. You seem happy.
I am very happy. Me, guy retired from gas business, said this would come to pass, >6 months ago. I am pleased at my prognostication chops being so amply proven.
I love the fact that there was a warm winter.
I just never laugh at live dragons.
Mouth-breathers like yourself apparently can't help it...
He’s pissed that I was right.
You didn't predict the weather, buwaya, so you can just shut your gashole right now.
Like I said, show me your 2022-23 winter weather predictions, or shut your gashole.
In the last ten years, I've had two winters where my waterlines have frozen [the local construction is designed to prevent that happening - the frostline dipped below six feet], and two winters where I've had to shovel four feet of snow off my garage roof to prevent it from collapsing.
Only to get "schooled" about winter by an effing Spaniard...
You wouldn't know "winter" if it punched you in the face.
Jens Stoltenberg. NATO. Norway. Gas.
Wonder what job he is getting. Big think.
No, but I know the gas industry and follow the trade press, etc. I saw what was building, figured what would be in place when, figured all that activity in LNG infrastructure in progress the globe over - heck, I’d just visited LNG terminals building in Spain... And came to informed conclusions, on the supply side. There would be enough LNG come what may. Now there is a glut.
Quite. Norway placed a good bet with the Polish gas pipeline, way back three years ago.
I lived in California 40 years. Other than a few trips to snowy places, notably Buffalo NY, which you can have as far as I’m concerned, no snow. Bilbao Spain has weather like Seattle.
Norway was also involved in blowing up NordStream. So stuff that in your fachist cabesa.
Gasbag.
Stoltenberg has got a lot of explaining to do.
Not that the Media will ever force him to do it.
LOL!
The one dude who placed a bet on the longshot Kentucky Derby winner after he shot all the other horses made out big, too. 
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