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In what’s forecasted to be the first coast-to-coast major winter storm of the season across the Lower 48, traders have furiously panic bid US natural gas futures due to the prospects of increased heating demand.

On Sunday, wintery precipitation, powerful winds, and heavy rains battered Intermountain West as a powerful storm was set to traverse the rest of the country in the new week. The next stop for the storm is the Plains, South, and Northeast, according to The Weather Channel.

Heavy mountain snow has already blanketed parts of California’s Sierra. Snow will spread across the high country of Colorado and northern New Mexico today. Then this evening, the system moves into the Northern Plains. By night into Tuesday, heavy snow and strong winds could spark blizzard conditions across eastern Montana, eastern Wyoming, western Nebraska, the Dakotas, and Minnesota.

Later in the week, moisture from the storm and cold air will be in place in the East. However, it’s still early to forecast where snow will fall in the Northeast.

The storm is coupled with a cold blast pouring across the Lower 48 starting Friday. Temperatures are forecasted to dive between Friday and next Wednesday.

Most of the Lower 48 could be well under average temperatures.

Which means heating demand erupts.

And why energy traders are bidding NatGas prices higher this morning. At one point, prices were up 12% to $7.010/mmbtu.

Cold season is in — drawing down on inventories began on Nov. 10 (read: “US Flips Into Withdrawal Season” As NatGas Prices Surge).

Also, Freeport LNG is expected to ramp up exports out of its Texas facility soon, along with cold weather; this could keep a bid under NatGas prices this heating season.

BASF Prepares To Slash Ammonia Production In Germany Amid Worsening NatGas Crunch

July 27, 2022

BASF Prepares To Slash Ammonia Production In Germany Amid Worsening NatGas Crunch

German chemicals company BASF SE paid an extra 800 million euros ($809.5 million) to keep its plants operating in the second quarter compared with a year earlier amid skyrocketing natural gas prices. The impact of high energy prices has forced the company to make a difficult decision: slash the production of ammonia, which could have potential consequences for farming to the food industry.

“We are reducing production at facilities that require large volumes of natural gas, such as ammonia plants,” BASF Chief Executive Martin Brudermuller said in a conference call after an earnings report.

Brudermuller said BASF would tap external suppliers to fill the deficit as German plants reduced output. He warned about potential supply disruptions that could boost fertilizer costs for farmers.

Reuters details how ammonia plays a critical role in manufacturing nitrogen-based fertilizers, plastic-making, and diesel exhaust fluid. A byproduct of ammonia production is high-purity carbon dioxide (CO2) which is heavily used in the food industry.

The news of BASF reducing ammonia production because of soaring NatGas prices comes as Russian state-owned energy producer Gazprom PJSC is expected to halve supplies via Nord Stream 1 to Europe to about 20% today. EU member states agreed Tuesday to reduce NatGas demand by 15% over the next eight months, though countries like Germany, without any liquefied natural gas (LNG) port terminals to replace Russian pipeline NatGas, might have to make more considerable sacrifices.

Benchmark NatGas prices in Europe at the Dutch TTF hub hit their highest level since March. Prices have shot up 35% in a week, over 200 euros per megawatt-hour (MWh), as Putin turns the screws on Europe by reducing pipeline capacity to Europe.

“Chemical companies are the biggest industrial natural-gas users in Germany, and ammonia is the single most gas-intensive product within that industry,” Reuters said.

…click on the above link to read the rest of the article…

EU Natural Gas Prices Soar As Gazprom Readies Nord Stream Cuts, US NatGas Hits 14-Year High

July 26, 2022

EU Natural Gas Prices Soar As Gazprom Readies Nord Stream Cuts, US NatGas Hits 14-Year High

European natural gas futures extended gains by 12% after Russian state-owned energy producer Gazprom PJSC unexpectedly announced it would halt a Nord Stream 1 turbine at its Portovaya compressor station from Wednesday. Simultaneously, US NatGas futures have spiked to 14-year highs.

Russian NatGas supplies to Europe via Nord Stream pipeline fell to 38% capacity from 40% on Tuesday, ahead of a more significant cut from current levels to just 20% on Wednesday.

In a statement, Gazprom said the Nord Stream pipeline would be pumping 33 million cubic meters a day, or 20% of capacity, from Wednesday, adding another turbine for the pipeline will be taken offline due to maintenance work.

Kremlin spokesman Dmitry Peskov said another Nord Stream turbine has “problems” and will be taken offline for maintenance.

Peskov noted a turbine sent to Canada earlier is “en route” but didn’t specify its exact location.

Western sanctions prolonged the average maintenance time of the Nord Stream.

“The situation is critically aggravated by the restrictions and sanctions imposed against our country,” the Kremlin spokesman continued.

Russian state media reported Monday that the turbine recently serviced in Canada by Siemens Energy AG had finally received export paperwork that will allow it to be shipped from Germany to Helsinki, Finland.

Nord Stream’s upcoming capacity declines sent Wholesale European NatGas futures up 12% to 196 euros. Prices have jumped more than 20% in two sessions and are near highs seen last winter at more than 200 euros.

EU Natgas prices are trading at an oil-barrel-equivalent price of $333….

Across the Atlantic, US NatGas futures extended gains, up more than 10% to $9.62, a 14-year high, amid concerns about hot weather and tight supplies.

…click on the above link to read the rest of the article…

‘Rogue Wave’ 2.0: US NatGas Futures Explode Higher Into Chaotic Expiration

January 27, 2022

‘Rogue Wave’ 2.0: US NatGas Futures Explode Higher Into Chaotic Expiration

February U.S. natural gas futures violently surged Thursday in what appears to be a delivery squeeze into expiration.

Bloomberg’s Javier Blas had some early insight that something was amiss…

The spread between February and March contracts erupted.

The massive squeeze came ahead of the February contract expiration and reminded us of the chaotic action surrounding crude futures expiration that.sent WTI prices crashing into deep negative territory in April 2020. Bloomberg sheds more color on the situation:

Though hedge funds have been net-long on U.S. gas contracts, indicating they expect prices to rise, money managers still held substantial short positions, according to data compiled by Bloomberg. In a squeeze, traders exposed to wrong- way bets on lower prices are forced to close out those positions by purchasing higher-priced contracts.

Gas prices have been volatile in recent weeks as traders try to gauge whether winter cold will strain stockpiles of the power-plant and heating fuel. Although inventories are only 1% below normal for the time of year, exports have been near a record and production from shale basins has been relatively restrained. -Bloomberg

There’s no word on which firm(s) are responsible for the unwind or the damage it has unleashed. We suspect if this is anything like the 2018 implosion of Tampa-based OptionsSellers.com, there will be casualities in the days, if not weeks ahead.

Remember this guy? “I promise you every day when I woke up, I was checking for rogue waves…”

Here’s what people on Twitter are saying about the chaos.

The squeeze also rippled through later-month contracts.

Deja Vu? Texas NatGas Output Plunges Amid Cold Snap

January 4, 2022

Deja Vu? Texas NatGas Output Plunges Amid Cold Snap

U.S. natural gas futures rose late in the session on new data that showed a plunge in pipeline gas flows in Texas, which indicates the state’s power grid could be susceptible to failures amid a cold snap.

Front-month gas futures are up more than 3% to $3.84 around 1445 ET as commodity traders assess the situation in Texas.

“Production of the heating and power generation fuel in Texas fell on Sunday to the lowest since February’s freeze — when millions were sent into the dark for days — after temperatures plunged,” BloombergNEF pipeline data showed. Flows are expected to rebound when temperatures rebound.

Temperatures in The Lone Star State are expected to rebound in the coming days.

However, warmer weather might not return to much of the U.S. until next Tuesday. Mean temperatures will oscillate around a 30-year average for the next eight days, occasionally dipping to below-average levels. The coldest point is between Jan. 8-11.

Heating degree days for the U.S. show cold weather will increase the demand for energy to heat building structures.

A plunge in gas supplies comes right after the Electric Reliability Council (ERCOT) of Texas said the power grid is “winterized and ready to provide power.”

Last February, a cold snap froze wellhead across the state that parazyled gas flows. Power plants couldn’t get enough fuel to spin turbines, and combine that with extraordinarily high power demand from customers to stay warm, the grid was minutes from collapse — forcing ERCOT, the grid operator — to implement rolling blackouts.

Despite ERCOT’s confidence that grid stability can be achieved this winter, keep an eye on Texas and pray for warmer weather; if not, another energy crisis could be nearing.

This economy is going down

December 28, 2021

This economy is going down

UK gas prices have fallen back this week – although they are still some 400 percent higher than at the start of 2021. And the reasons for the fall in price should not breed complacency. First, the arrival of a south-westerly airflow off the Atlantic has finally begun to spin those offshore wind turbines after last week’s doldrums. At the time of writing, wind is supplying 28.5 percent of our electricity, allowing gas to fall back to 27.4 percent, and for coal plants to be switched off – although nuclear is being run flat out at 20 percent, reflecting the still too high price of gas. With stronger winds forecast for next week, demand for gas may fall even further. But the winter is only just beginning, and it is doubtful that we will get through January, February and early March without at least one more week of cold, still, high pressure air. And if we are unlucky, we could face several weeks in a row.

The second reason for the lull in price is worrying for a more complicated reason. On Wednesday, Marwa Rashad at Reuters reported that:

“At least ten cargoes of liquefied natural gas (LNG) have recently been diverted from Asia to head west drawn by Europe’s record high prices amid supply concerns ahead of peak winter demand, industry sources said…

“In addition to the above cargoes, a U.S. cargo onboard Marvel Crane had headed toward Panama bound for Asia before being diverted northeast and now signalled it was bound for the UK’s South Hook terminal, according to ICIS LNG Edge.

“Data Intelligence firm Kpler said it has listed more tankers diverting towards Europe from Asia and Other destinations like Brazil including British Contributor, Tembek, LNGShips Manhattan, LNG Alliance and are eying two more for possible route change.

…click on the above link to read the rest of the article…

European Nuke Plants Offline As Power Prices Hit Record

December 20, 2021

European Nuke Plants Offline As Power Prices Hit Record

Bloomberg’s Chief Energy Correspondent Javier Blas tweeted a disturbing map of European day-ahead electricity prices that will hit record highs on Monday.

“EUROPEAN ENERGY CRISIS: Wow, wow, wow… I’m running out of words to describe the European short-term electricity market,” Blas said.

He continued, “Multiple records breached for Monday. With the exception of Poland and Scandinavia, all Europe is above €300 per MWh (France and Switzerland near €400).”

The continuation of surging power prices, as Blas explained, is due to “Lots of nuclear reactors are down, demand is high (electricity used for heating), so it’s burning gas to bridge the gap.”

Days ago, we told readers multiple nuclear power plants in France were taken offline due to routine safety inspections that found cracks at one power plant.

European daily power demand continues to soar as colder-than-normal temperatures are present across the continent.

Benchmark natural gas prices surged to a new high last week, up more than 650% on the year, on concerns of declining gas flows via the Yamal-Europe pipeline that runs across Belarus and Poland to Mallnow, Germany; low storage on the continent, and geopolitical risk.

European natural gas prices hit a new record high.

The amount of gas entering Germany at the Mallnow compressor station collapsed. The pipeline only booked for 4% of space for Dec. 20.

The latest geopolitical flare-up occurred last week when Germany’s federal network agency, Bundesnetzagentur, said Russia’s Nord Stream 2 pipeline won’t be cleared until July. On Sunday, Germany said they could entirely block the Nord Stream 2 if a possible conflict between Russia and Ukraine erupts.

Europe’s energy crisis worsens and risks sparking discontent among many Europeans. How long until politicians order utilities to implement price caps on power rates? If politicians want to stay in power, they might also have to subsidize people’s power bills as energy inflation runs wild.

“Potential Polar Vortex Event” Could Spark Bullish Reversal In NatGas

December 10, 2021

“Potential Polar Vortex Event” Could Spark Bullish Reversal In NatGas

Since mid-October, U.S. natural gas futures have been beaten down 40% as the narrative of colder weather and tight supplies quickly flipped and crushed bullish traders. As the Northern Hemisphere winter is less than two weeks away, new weather models suggest “significantly colder” temperatures could return for parts of the U.S. later this month into early 2022.

Meteorologists at private weather forecasting firm BAMWX expect a bullish setup for natgas futures. They say the narrative is flipping from warmer weather to the complete opposite as an Arctic polar vortex could plunge parts of the U.S. into a much colder weather pattern in January than today’s currently mild, above-trend temperatures.

“Seeing an interesting pattern developing ahead leading up to Christmas and into early January ’22, as higher pressure looks to finally re-establish towards Alaska and the North Atlantic, pushing cold from the Arctic down into the US (after a record warm start to the month). If the MJO (Madden-Julian Oscillation) can continue to progress through phase 7 into 8 (and possibly into 1) mid to late December, this can also increase the potential for a Polar Vortex displacement event, sending more consistent cold air deeper into the US…a big risk to watch for the energy markets ahead,” Kirk Hinz, the chief meteorologist at BAMWX, noted.

BAMWX outlines now could be the time to find a long entry into natgas futures, or as they put it, “long UNG,” the United States Natural Gas Fund, LP. ETF. Their reasoning behind the play is quite simple:

Long UNG Equity, Why? Polar Vortex Jan 2022 Northeast – Front-month NG1 40% drawdown in 6 weeks – Things can change on a dime but the setup is very good in our view – When you get a nice – healthy- capitulation …

…click on the above link to read the rest of the article…

Brits Google ‘Energy Bill Help’ As Energy Suppliers Go Bankrupt

November 23, 2021

Brits Google ‘Energy Bill Help’ As Energy Suppliers Go Bankrupt

Extreme gas price volatility has led to a string of bankruptcies among British energy suppliers
UK Household gas bills have risen by 28.1 percent and electricity bills 18.8 percent in the year to October
Germany’s recent decision to halt approval of the Nord Stream 2 pipeline has added to UK energy woes

Google searches for ‘energy bill help’ exploded over three thousand percent in the UK on November 17, the same day two more energy suppliers collapsed.

Neon Energy and Social Energy Supply both ceased trading earlier this week, leaving 35,000 more customers in need of rescue from market regulator Ofgem.

Recent analysis of Google data from energy experts Boiler Central showed a massive spike in people looking for help with their energy bills.

This included a whopping 212 percent increase in searches for cheaper heating alternatives including ‘portable heater’ on November 17 as well.

Since the start of September, 21 energy companies have ceased trading due to soaring wholesale costs, while half of the country’s dual-suppliers have crashed out of the market in the past 12 months.

Household gas bills have risen by 28.1 percent and electricity bills 18.8 percent in the year to October, according to the ONS.

Germany’s recent decision to halt approval of a gas pipeline from Russia has also caused wholesale gas prices to jump 17 percent in the UK and EU.

Meanwhile, Ofgem is set to examine and potentially increase the energy price cap from its current £1,277 average use limit next year.

A spokesperson for Boiler Central said: “The rise in searches for help with energy bills in the UK, as well as an increase in searches for portable heaters, exposes how much recent soaring energy bills are affecting people.”

…click on the above link to read the rest of the article…

European Natgas Prices Tumble As Russian Pipeline Flows Finally Increase

November 11, 2021

European Natgas Prices Tumble As Russian Pipeline Flows Finally Increase

European natural gas prices plunged Wednesday after signs Russian gas flows into Europe were increasing ahead of what’s expected to be a miserable winter of tight supplies and high energy costs.

Dutch natural gas futures, the European benchmark, dropped as much as 12% to € 64.14 per megawatt-hour after Russia’s state energy company Gazprom PJSC data showed flows to Europe via Ukraine and Poland increased Wednesday.

“There are currently tentative signs Russia is sending more gas. More than 94 million cubic meters of natural gas are expected to flow through a key checkpoint in Europe’s pipeline network on Slovakia’s border with Ukraine Wednesday. That would mark an increase from roughly 85 million cubic meters on Tuesday and 75 million cubic meters on Monday, according to data from EUStream, which operates Slovakia’s gas transmission system,” Dow Jone’s commodities reporter Will Horner said.

As the heating season has already begun, additional supply is needed in Europe, with gas inventories at the lowest in a decade. In October, Russian President Vladimir Putin said that Gazprom would boost flows into Europe after Russia’s domestic stockpiling was complete.

On Monday, we noted a supply shock hit gas shipments to Germany via Russia’s Yamal pipeline when flows dropped to zero. But the good news today shows shipments along the key pipeline have also picked up.

“If Russia does what Putin said they will do, then there will be a big relief,” Frank van Doorn, head of trading at Vattenfall, was quoted last week at the Flame gas conference in Amsterdam.

This week, a rise in gas flows across multiple pipelines is calming traders’ nerves, and prices are declining. EU gas storage remains well under seasonal trends as forecasts of below-average temperatures in northwest Europe could elevate prices in the coming weeks.

…click on the above link to read the rest of the article…

Britain faces ‘massacre’ of 20 more bust energy suppliers, Scottish Power says

October 22, 2021

Britain faces ‘massacre’ of 20 more bust energy suppliers, Scottish Power says

The sun rises behind electricity pylons near Chester, northern England October 24, 2011. REUTERS/Phil Noble/File Photo

LONDON, Oct 21 (Reuters) – Britain’s energy market faces an absolute massacre that could force at least 20 suppliers into bankruptcy in the next month alone unless the government reviews the energy price cap, Scottish Power Chief Executive Keith Anderson said on Thursday.

Natural gas prices have spiked this year as economies reopened from COVID-19 lockdowns and high demand for liquefied natural gas in Asia pushed down supplies to Europe, sending shockwaves through industries reliant on power.

Around 13 British suppliers have collapsed in recent months, forcing more than 2 million customers so far to switch providers. Before the crisis, there were more than 50 small- and mid-sized independent energy suppliers in Britain with around a 30% share of the market.

“There is a significant risk you could see the market shrink all the way back to five to six companies,” Anderson told the Financial Times.

Scottish Power, owned by Iberdrola (IBE.MC), is Britain’s fifth largest energy supplier with around 8% of the domestic gas supply market, according to data from regulator Ofgem.

“We expect, probably in the next month, at least another 20 suppliers will end up going bankrupt,” Anderson told Sky. “We are now going to start seeing some relatively well-run, good, commercially sound businesses going bankrupt because they just can’t pass the cost of the product through to customers.”

The soaring natural gas prices have strained Britain’s retail energy markets to breaking point, putting into question 30 years of energy deregulation which began in 1989 under then-Prime Minister Margaret Thatcher.

Anderson cast Britain’s energy market as facing months of tumult that could shrink the market all the way back to just five or six companies unless the price cap, set by Ofgem, was reviewed.

…click on the above link to read the rest of the article…

Winter Is Coming: Russia Signals No Extra Gas For Europe Without Nord Stream 2

October 19, 2021

Winter Is Coming: Russia Signals No Extra Gas For Europe Without Nord Stream 2

The big picture was clear to anyone who bothered to keep their eyes open: back in August, when we first reported that Russian supplies of nat gas via the Yamal pipeline had collapsed and when the first stirrings of the upcoming surge in nat gas prices were emerging, we said to “call it a perfect storm of declining supplies, lack of sufficient inventories and ongoing geopolitical posturing as Russia piles pressure on EU authorities to approve the dual-pipeline Nord Stream 2 project through the Baltic Sea and into Germany, while gas shippers are running low on time and, indeed, options to keep Europe adequately supplied this winter.”

Specifically, we also warned that “a worst case scenario could see European gas prices explode to suborbital levels that would make Jeff Bezos proud should the continent fail to stock up on sufficient nat gas amounts.”

Indeed, that’s precisely what happened in the ensuing two months

But more importantly, even though Europe is now facing a devastating cold winter with widespread blackouts, Europe’s unelected bureaucrats still refuse to accept the reality in which Putin calls all the shots.

So perhaps to make it very clear what it would take to avoid a miserable, freezing winter, today Russia signaled that it won’t go out of its way to offer European consumers extra gas to ease the current energy crisis unless it gets something in return: regulatory approval to start shipments through the Nord Stream 2 pipeline.

In exchange for upping supplies, Bloomberg reports citing people close to state-run gas giant Gazprom and the Kremlin – that Russia wants what was clear to anyone – i.e., to get German and European Union approval to begin using the pipeline to Europe.

…click on the above link to read the rest of the article…

EU Politicians Panic As Natgas Prices Explode 40% Overnight

October 6, 2021

EU Politicians Panic As Natgas Prices Explode 40% Overnight

Europe’s power crunch is roiling energy markets Wednesday as Dutch and U.K. natural gas futures jumped 60% in just two days, hitting record highs along with soaring power prices.

Front-month Dutch natgas futures rose an astonishing 40% today to a record 162.125 euros per megawatt-hour after a 20% move higher on Tuesday. U.K. natgas futures surged 39% today, hitting 40 dollars.

For context, the EU NatGas prices are equivalent to $250 oil…

“This is just ridiculous,” Tom Marzec-Manser, an analyst at ICIS, told Bloomberg.

“Almost impossible to even justify or qualify how and why it’s moving so fast and so high.”

E.U. politicians are in panic mode to protect consumers and businesses from rising natgas and power prices. The European Union’s energy chief Kadri Simson said a revision on energy regulations could happen by the end of the year to prevent soaring energy costs from derailing the economic recovery. As we’ve already seen, soaring natgas prices have resulted in fertilizer manufacturers limiting or halt operations from the U.K. to Germany, which has disrupted food supply chains.

Ahead of winter, E.U.’s natgas stockpiles are at their lowest seasonal levels in more than a decade. The continent is super reliant on Russian natgas, which flows have declined in recent months. It’s also unclear when new supplies through Nord Stream 2, the new controversial pipeline from Russia, may begin – at this point, it’s too late for fresh supplies as the restocking period was a month ago. There are discussions E.U. politicians may certify the Russian pipeline early next year. Again, that would be during the winter season and too late to alleviate shortages and higher prices. Europe is in for one harsh winter. But don’t worry. Governments are likely to subsidize energy costs for households and even businesses to thwart a winter of discontent. After all, politicians only have one job: Get re-elected.

…click on the above link to read the rest of the article…

Dominos Fall As Germany’s Largest Ammonia Producer Slashes Output Amid Energy Crisis

October 6, 2021

Dominos Fall As Germany’s Largest Ammonia Producer Slashes Output Amid Energy Crisis

A natural gas shortage across Europe has created supply-chain shocks, as seen in the food industry, where problems continue to worsen. European natgas prices are at insane levels, triggering a domino effect of output reduction or closures of fertilizer plants on the continent.

Last month, two of the U.K.’s largest fertilizer factories producing 45% of domestic demand closed, and one shortly reopened with government aid. By late month, Austrian fertilizer producer Borealis AG slashed ammonia output after the cost natgas compressed margins in an industry facing tight supplies.

As the dominos fall, SKW Piesteritz, Germany’s largest ammonia producer, announced a 20% reduction in ammonia production due to the record-high natgas prices on Tuesday.

“The level that has now been reached no longer enables economically sensible production, so that we are forced to take this step,” the company told Bloomberg in an emailed statement.

“Without government action, there is a risk of production being halted shortly,” the statement continued.

We’ve seen this story play out when U.K.’s C.F. Industries shuttered two plants last month because of soaring natgas prices and caused an immediate disruption to the food industry. Then the government swooped in with emergency orders to restart at least one of the plants.

As a refresher, natgas is used to synthesize ammonia for nitrogen fertilizers for the farm industry, and a byproduct is CO2, used heavily in the food industry, for food packaging to stunning animals at slaughterhouses to bubbly soda pop.

Bloomberg’s Mike Dennis created an infographic of European natgas prices and the events surrounded by rising prices.

…click on the above link to read the rest of the article…

World’s Largest Commodity Traders Face Massive Margin Calls As Global NatGas Arb Explodes

October 4, 2021

World’s Largest Commodity Traders Face Massive Margin Calls As Global NatGas Arb Explodes

Just one week ago, we highlighted the first victim of the latest “rogue wave” in global natural gas markets.

As Miami-based Statar Capital gave up its “hefty gains” from earlier in the year, tumbling into the red amid the NatGas market turbulence, we warned that it would not be the last fund to admit major losses through this period of chaos.

It appears we were right, and three years after James Cordier – head trader at OptionsSellers.com – became infamous after a “catastrophic loss event” thanks to a “rogue wave” in NatGas options markets, Reuters reports on what could be the next escalation in energy markets,

Seven sources with direct knowledge of the matter told Reuters that the world’s top commodity trading houses are being told by brokers and exchanges to deposit hundreds of millions of dollars in extra funds to cover their exposure to soaring gas prices.

Glencore, Gunvor, Trafigura and Vitol are among the commodity merchants facing massive margin calls on their positions in natural gas markets across Europe and US.

According to reports, it appears the trading shops have all been hammered by a spread (or arbitrage trade) gone wrong.

For years, the prices of European (red) and US natural gas (green) have traded within a well-defined range. When the spread between the two reaches one extreme or the other, you buy one and sell the other – easy, right?

Source: Bloomberg

So as European NatGas prices surged in Q2, it reached a notable extreme relative to US NatGas, prompting traders to instigate the strategy of selling European Gas and Buying US Gas in the hopes the spread compresses.

…click on the above link to read the rest of the article…

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