European Natural Gas Prices Rise on Middle East Escalation
Europe’s benchmark natural gas prices rose on Thursday to nearly 90 euros per megawatt-hour, or the equivalent of $29.50 per million British thermal units (MMBtu), as the escalation in the Middle East raised concerns about European winter gas supply amid historically low inventories at the start of
Source: OilPrice.com
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DW NOTE
Europe pays full market price for its energy security theatre. The continent dismantled nuclear baseload, banned its own gas production, then acted surprised when a Middle East chokepoint closure sends prices spiking. The Strait of Hormuz has been effectively shut for five days — four commercial ships on October 18 versus the normal 85 — and European gas markets are now discovering what happens when you outsource energy policy to geopolitical stability you cannot control.