A complex mix of forces is causing the European gas market’s unprecedented surge, creating a “perfect storm” of higher than expected demand and low supply, The Washington Examiner reports.
“We have never seen prices like this.” European Natural Gas prices are up 500% in the last year.
It means higher utility bills for customers and it’s forcing some manufacturers to halt operations. Gas pumps are running dry.
European gas prices are exploding in a historic crisis of rising gas prices while Moscow is delivering less. Europe’s dream of green energy alone will soon go up in the smoke coming from coal furnaces or people will die. The politicians don’t seem to care and are said to be asleep at the wheel.
BEYOND PETROLEUM: A rather unscientific survey, but just visited 5 BP stations in West London, and all but one were dry (and the one that still had some availability had only gasoline but no diesel). Officially, BP says 30% of its network has no fuel #OOTT https://t.co/p1zuyujtgf pic.twitter.com/5WLsv55fAG
— Javier Blas (@JavierBlas) September 26, 2021
Europe’s energy crisis is not contained to natural gas. The supply chains are disrupted and there is a shortage of truckers.
The Petrol Retailers Association (PRA), which represents independent fuel retailers accounting for 65% of all the 8,380 UK forecourts, said members had reported that 50% to 90% of pumps were dry in some areas.
All they see moving forward are higher prices.
Oil prices rise above $80 a barrel for first time in three years
Coal and European gas prices rally to record peaks as traders brace themselves for winter crunchhttps://t.co/ZNlmr5BNIu #shaleoil #energy #chemicals #oott #oilprice #investor #familyoffice #fund #ESG #carbonTAX https://t.co/uORqVNZ0Qb pic.twitter.com/ORFBBWPftT
— Mo Hossain (@MoHossain) September 28, 2021
Meanwhile, in an ominous development, US natural gas futures are starting to move in lockstep with Europe, and overnight Henry Hub topped $6/mmbtu for the first time since 2014, Zerohedge reports.
Obviously, going too green too fast will spur hyperinflation.