Zero Hedge: All Hell Is Breaking Loose In Energy Markets
By now readers are well aware that Europe is suffering from a historic gas crisis, one which according to Rabobank is now even more extreme than the US oil price shock.
And unfortunately for Europe's population, with every passing day - and to a lesser extent hedge funds such as Statar Capital which suffered a big loss in the past few days - it's only getting worse.
As Bloomberg's Javier Blas notes today, both UK NBP and Dutch TTF natural gas benchmarks have closed the day at their highest ever settlement level, up ~11% on the day (to a closing price equal to more than $26 per mBtu).
Read more ....
WNU Editor: Heaven help Europe if it is a cold winter (that many are predicting). Russia and Norway are the big winners in this crisis ... Analysis: Norway, Russia reap rewards from Europe's flexible gas market (Reuters).
Update: This energy crisis is not going to be limited to Europe .... Europe's Energy Crisis Is About to Go Global as Gas Prices Soar (Bloomberg).
Update #2: Oh oh .... Goldman Raises Year-End Oil Price Target To $90 (Zero Hedge).
Hopefully, the accountant will jack up his fees due to his higher heating expenses and poor bird will no longer be able to afford him.
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