Concerns about gas inventories in Europe are driving the price up
World gas prices continue to rise dramatically today. The prices of European gas, TTF, are rising by over 10%, and NATGAS by nearly 9.0%. The situation in Europe is tense, as the potential shortage of sufficient gas reserves for the heating season raises the prices of the raw material mainly due to ongoing " turbine drama". The turbine can be picked up in Germany, but Gazprom does not want to do it because of the bureaucracy. At the same time, Gazprom is shutting down another turbine due to its "damage". Gas flow is expected to drop to 20% of the maximum level, which will not be enough to keep Europe safe for winter. Remember that if NATGAS prices close above 9.5, this will be the highest settlement price at the Henry Hub in 14 years. Also concerns over gas transfers from Russia continues to weigh on
NATGAS continues to rally. Price jumped nearly 9.0% on Tuesday and is approaching recent highs at $9.65. Source: xStation5
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