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European benchmark gas futures closed 15% higher, after earlier jumping as much as 35%.
Power also gave up some of its gains. Traders are weighing several factors, including higher gas stockpiles and the EU’s plans to intervene to control price surges. On top of that, gas demand is still relatively low before the heating season starts. “But of course as we approach the winter the lack of Nord Stream may be further reflected in prices,” said Jonathan Stern, a distinguished research fellow at the Oxford Institute for Energy Studies.
Germany to Keep Atomic Plants as Back-Up (5:00 p.m.)
Germany will keep two of its three remaining nuclear power plants on reserve in the event they’re needed to make up for a shortfall in electricity generation this winter, reversing a long-planned shutdown of the facilities.
“This way, we can act if worst comes to worst,” Economy Minister Robert Habeck said, adding that the government remains “committed to the nuclear exit.” The ruling coalition came under intense pressure to delay the final step in the phaseout of the country’s nuclear facilities after Russia’s invasion of Ukraine triggered a dramatic surge in energy prices.
Bloomberg
EIA reported higher than expected build of 54 Bcf of working gas in storage. Salt Dome Cavern stocks fell -3 Bcf from +1 last week. The geopolitical s
[See the full post at: Into The Vortex – Natural Gas Outlook as Gazprom Threats and Ratchet Up]UK Prime Minister Liz Truss removes ban on fracking and approves more oil drilling
UK Prime Minister Liz Truss temporarily suspends green levies; will limit household energy bills to GBP 2,500 a year for the next two years
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