Alas, poor Europe. I knew it well, Horatio.
POSTED BY: SIGNYM
UPDATED: Tuesday, August 18, 2026 23:33
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The price of natural gas in the US and Europe
Author Kevin Drum Published on September 6, 2022 – 7:30 pm
Until February, the US and European prices of natural gas were generally within a few dollars of each other. Today, the US price is $9 and the average price in Europe is about $70.
Much of this is because Europe is trying to replace Russian gas with LNG from other countries. However, Europe doesn't have enough capacity at its LNG ports to come even close to making up the loss from Russia. This supply constraint has produced bidding wars with Japan and South Korea that have caused natural gas prices to skyrocket around the world. In the US, by contrast, we have plenty of domestic supply and prices are low and fairly stable.
This is why Europe is way more panicked about energy prices this winter than we are.
https://jabberwocking.com/raw-data-the-price-of-natural-gas-in-the-us-
and-europe/
The Joss Whedon script for Serenity, where Wash lives, is Serenity-190pages.pdf at https://www.mediafire.com/two
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Quote:
Originally posted by second:
The price of natural gas in the US and Europe
Author Kevin Drum Published on September 6, 2022 – 7:30 pm
Until February, the US and European prices of natural gas were generally within a few dollars of each other. Today, the US price is $9 and the average price in Europe is about $70.
Much of this is because Europe is trying to replace Russian gas with LNG from other countries. However, Europe doesn't have enough capacity at its LNG ports to come even close to making up the loss from Russia. This supply constraint has produced bidding wars with Japan and South Korea that have caused natural gas prices to skyrocket around the world. In the US, by contrast, we have plenty of domestic supply and prices are low and fairly stable.
This is why Europe is way more panicked about energy prices this winter than we are.
https://jabberwocking.com/raw-data-the-price-of-natural-gas-in-the-us-
and-europe/
The Joss Whedon script for Serenity, where Wash lives, is Serenity-190pages.pdf at https://www.mediafire.com/two
Uh huh.
We'll see what happens this winter, Kevin.
It's really nice for you that you get to work at an outfit that allows you to be wrong in every one of your predictions and opinions and still maintain employment.
You make the weathermen jealous.
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Falsus in unum, falsus in omnibus
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They wanted to punish Russia a lot, Russia got some economic punishments while European Hating and Gasoline prices now go through the roof.
USA, Europe, Japan, Aus, NZ are part of the blockade sanctions, not everyone has joined, the rest of the world trades.
I don't really listen to The Duran. Alex Christoforou, Mercouris that much anymore, maybe its something culturally off with them the culture of people, like they never recovered from that schism between Rome and the Eastern Byzantine Empire or Orthodox influence, a rift going back even thousands of years. Even if Russia does not totally win, it has left cities wrecked, shells and bombs on both sides will wreck regions, the house of Russian composer Pyotr Ilyich Tchaikovsky destroyed and 2,000 art objects are estimated to have been looted, and special squads exist to track down and expropriate antiquities such as Scythian artifacts from archaeological digs, some to relocate back to a museum in Russia, lost in some box and museums closed with looming recessions. Some might make a few buck from gun running and Looting ancient treasure.
There will be no true winners in this invasion of Ukraine, only losers, people who lose a lot and people who loose a whole lot more and pay more blood and treasure.
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Quote:It is worth saying that natural gas production companies who were making a profit in Europe at $7 per million BTU will be making a huge killing at $70. Be happy for the gas production companies, 6ix. Celebrate their windfall profits, all thanks to Putin.
Originally posted by 6IXSTRINGJACK:
Uh huh.
We'll see what happens this winter, Kevin.
It's really nice for you that you get to work at an outfit that allows you to be wrong in every one of your predictions and opinions and still maintain employment.
You make the weathermen jealous.
The cost to the production companies to get the gas out of the ground does NOT increase just because Putin restricts sales of Russian gas, but the price the production companies can gouge their customers goes as high as the amount of money the customers have. That is the most beautiful part of Capitalism.
The Joss Whedon script for Serenity, where Wash lives, is Serenity-190pages.pdf at https://www.mediafire.com/two
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Quote:
Originally posted by second:Quote:It is worth saying that natural gas production companies who were making a profit in Europe at $7 per million BTU will be making a huge killing at $70. Be happy for the gas production companies, 6ix. Celebrate their windfall profits, all thanks to Putin.
Originally posted by 6IXSTRINGJACK:
Uh huh.
We'll see what happens this winter, Kevin.
It's really nice for you that you get to work at an outfit that allows you to be wrong in every one of your predictions and opinions and still maintain employment.
You make the weathermen jealous.
At least we're not blaming Trump today.
Get fucked, idiot. You've got a five year old's grasp of the economy. You aren't worth the time.
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Falsus in unum, falsus in omnibus
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Quote:Wartime Economics Comes to Europe
Originally posted by 6IXSTRINGJACK:
At least we're not blaming Trump today.
Get fucked, idiot. You've got a five year old's grasp of the economy. You aren't worth the time.
Sometimes rationing and price controls are unavoidable.
The West isn’t exactly at war with Russia. However, it isn’t exactly not at war, either. Western weapons have helped Ukraine to stall Russia’s invasion and even to counterattack, while Western economic sanctions have clearly created serious problems for Russian industry.
Russia has retaliated with a de facto embargo on exports of natural gas to Europe. This shows how Vladimir Putin actually thinks the war is going. After all, this will have huge long-run costs: Nobody will ever again consider Russia a reliable trading partner. But Putin appears willing to bear those costs in an attempt to bully the West into reducing its support for Ukraine — which he wouldn’t do if he were confident about the military situation.
In any case, the embargo has raised the economic stakes. Six months ago, there was a lot of discussion about whether Europe could or should stop importing energy from Russia. Well, Russia has in effect made that decision on Europe’s behalf.
. . . On Wednesday, Ursula von der Leyen, the president of the European Commission, issued a statement on energy calling for “a mandatory target for reducing electricity use” (i.e., rationing), a “cap on the revenues” of low-cost energy producers (i.e., price controls) and a “solidarity contribution” for fossil fuel producers (i.e., excess profits taxes). It’s important to note that von der Leyen isn’t a head of government and has very little direct power. But her proposed measures probably give a pretty good idea of where Europe is heading.
Will it work? The details will, of course, be crucial. One hopeful sign is that Europe clearly isn’t going to pull a Nixon and try to suppress inflation with controls even while juicing up the economy. On the contrary, these sorts of wartime controls will come at the same time the European Central Bank is sharply tightening monetary policy, at considerable risk of causing a recession.
We’ll see how it plays out. But we’re getting a real-time lesson in the realities of economic policy. You can’t — indeed, shouldn’t — always let markets rip. It would be a bad thing if the emergency controls Europe appears about to impose were to become permanent. But right now protecting families and preserving a sense of fairness have to take priority over textbook market efficiency.
More at https://web.archive.org/web/20220909011733/https://www.nytimes.com/202
2/09/08/opinion/europe-russia-energy.html
The Joss Whedon script for Serenity, where Wash lives, is Serenity-190pages.pdf at https://www.mediafire.com/two
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No Choice But Intervention': Belgium PM Fears "Severe Risk Of Social Unrest"
https://www.zerohedge.com/geopolitical/no-choice-intervention-belgium-
pm-fears-severe-risk-social-unrest
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Pity would be no more,
If we did not MAKE someone poor - William Blake
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Germany’s energy suicide: an autopsy
29925 Views September 08, 2022 62 Comments
by Pepe Escobar, posted with the author’s permission and widely cross-posted
When Green fanatic Robert Habeck, posing as Germany’s Economy Minister, said earlier this week “we should expect the worst” in terms of energy security, he conveniently forgot to spell out how the whole farce is a Made in Germany cum Made in Brussels crisis.
Flickers of intelligence at least still glow in rare Western latitudes, as indispensable strategic analyst William Engdahl, author of A Century of Oil, released a sharp, concise summary revealing the skeletons in the glamour closet.
Everyone with a brain following the ghastly Eurocrat machinations in Brussels was aware of the main plot – yet hardly anyone among average EU citizens. Habeck, Chancellor “Liver Sausage” Scholz, the European Commission (EC) Green Energy VP Timmermans, EC dominatrix Ursula von der Leyen, they are all involved.
In a nutshell: as Engdahl describes it, this is about “the EU plan to de-industrialize one of the most energy-efficient industrial concentrations on the planet.”
That’s a practical translation of the UN Green Agenda 2030 – which happens to be metastasized into crypto Bond villain Klaus Schwab’s Great Reset – now renamed “Great Narrative”.
The whole scam started way back in the early 2000s: I remember it vividly, as Brussels used to be my European base in the early “war on terror” years.
At the time, the talk of the town was the “European energy policy”. The dirty secret of such policy is that the EC, “ advised” by JP MorganChase as well as the usual mega speculative hedge funds, went all out into what Engdahl describes as “a complete deregulation of the European market for natural gas.”
That was sold to the Lugenpresse (“lying media”) as “liberalization”. In practice, that’s savage, unregulated casino capitalism, with the “free” market fixing prices while dumping long-term contracts – such as the ones struck with Gazprom.
How to decarbonize and destabilize
The process was turbo-charged in 2016, when the last gasp of the Obama administration encouraged massive export of LNG out of the US’s huge shale gas production.
For that one needs to build LNG terminals. Each terminal takes as much as 5 years to build. Within the EU, Poland and Holland went for it from the start.
As much as Wall Street in the past invented a “ paper oil” speculative market, this time they went for a speculative “paper gas” market.
Engdahl details how “the EU Commission and their Green Deal agenda to ‘decarbonize’ the economy by 2050, eliminating oil, gas and coal fuels, provided the ideal trap that has led to the explosive spike in EU gas prices since 2021.”
The creation of this “single” market control implied forcing illegal rule changes on Gazprom. In practice, Big Finance and Big Energy – which totally control anything that passes for “EU policy” in Brussels – invented a new pricing system parallel to the long-term, stable prices of Russian pipeline gas.
By 2019, an avalanche of Eurocrat energy “ directives” by the EC – the only thing these people do – had established a totally deregulated gas market trading, setting the prices for natural gas in the EU even as Gazprom remained the largest supplier.
As lots of virtual trading hubs in gas futures contracts started popping up across the EU, enter the Dutch TTF (Title Transfer Facility). By 2020 the TTF was established as the real EU gas benchmark.
As Engdahl points out, “TTF is a virtual platform of trades in futures gas contracts between banks and other financial investors. Outside, of course, of any regulated exchange.
So LNG prices soon started to be set by futures trades in the TTF hub, which crucially happens to be owned by the Dutch government – “the same government destroying its farms for a fraudulent nitrogen pollution claim.”
By any means necessary Big Finance had to get rid of Gazprom as a reliable source to allow powerful financial interests behind the Green Deal racket to dominate the
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What a terribly written article - so trashy
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Quote:
Originally posted by Magonsdaughter:
What a terribly written article - so trashy
We know. You prefer fairy tales.
Where's Greta Thunberg hiding out? You're never going to see her face again.
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Falsus in unum, falsus in omnibus
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