The New Year has not begun on the happiest of notes with Omicron stalking the land, the Fed upsetting the markets, an "interesting" jobs ...

BY ANDREW STUTTAFORD January 08, 2022 BY ANDREW STUTTAFORD January 08, 2022 Europe's Energy Crisis: The Shape of Things to Come? The New Year has not begun on the happiest of notes with Omicron stalking the land, the Fed upsetting the markets, an "interesting" jobs report, and the latest inflation numbers on the horizon (I suspect that we are not in for a nice surprise). Then there's Europe's energy crunch. It hasn't gone away. CNBC: Europe is facing continued volatility in its wholesale gas markets, prompting concerns across the region that an energy crisis could be about to get even worse. The front-month gas price at the Dutch TTF hub, a European benchmark for natural gas trading, was around 5% higher by 1 p.m. London time on Wednesday, with the price reaching 93.3 euros per megawatt-hour. Contracts for March and April delivery were also up by 5% on Wednesday, according to New York's Intercontinental Exchange . . . Ole Hansen, head of commodity strategy at Saxo Bank, told CNBC in an email that gas prices in the EU and the U.K. remained at the mercy of the weather, the pace of shipments, and Russia. "Into January, the price of gas has resumed its ascent, again with the prospect of colder weather driving increased demand for heating and very, very low supplies from Russia, especially via two important pipelines through Poland and Ukraine," Hansen added. "Whether Russia is deliberately keeping supplies down due to Nord Stream 2 pipeline approval delays and the Ukraine border crisis is difficult to say. But it highlights failed energy and storage policies in Europe and the U.K., which has left the region very dependent on imports of gas, especially given the still unreliable level of power generation from renewable sources." To put a number on that, over 40 percent ...   READ MORE

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