Europe Now Has So Much Natural Gas That Prices Just Dipped Below Zero (cnn.com) 183
Europe has more natural gas than it knows what to do with. So much, in fact, that spot prices briefly went negative earlier this week. From a report: For months, officials have warned of an energy crisis this winter as Russia -- once the region's biggest supplier of natural gas -- slashed supplies in retaliation for sanctions Europe imposed over its invasion of Ukraine. Now, EU gas storage facilities are close to full, tankers carrying liquefied natural gas (LNG) are lining up at ports, unable to unload their cargoes, and prices are tumbling. The price of benchmark European natural gas futures has dropped 20% since last Thursday, and by more than 70% since hitting a record high in late August. On Monday, Dutch gas spot prices for delivery within an hour -- which reflect real time European market conditions -- dipped below 0 Euro, according to data from the Intercontinental Exchange.
Prices turned negative because of an "oversupplied grid," Tomas Marzec-Manser, head of gas analytics at the Independent Commodity Intelligence Services (ICIS), told CNN Business. It is a hugely surprising turn of events for Europe, where households and businesses have been clobbered by eye-watering rises in the price of one of its most important energy sources over the past year. Massimo Di Odoardo, vice president of gas and LNG research at Wood Mackenzie, says unseasonably mild weather is largely responsible for the dramatic change in fortune. "In countries like Italy, Spain, France, we're seeing temperatures and [gas] consumption closer to August and early September [levels]," he told CNN Business. "Even in countries in the Nordics, the UK and Germany, consumption is way below the average for this time of the year," he added.
Prices turned negative because of an "oversupplied grid," Tomas Marzec-Manser, head of gas analytics at the Independent Commodity Intelligence Services (ICIS), told CNN Business. It is a hugely surprising turn of events for Europe, where households and businesses have been clobbered by eye-watering rises in the price of one of its most important energy sources over the past year. Massimo Di Odoardo, vice president of gas and LNG research at Wood Mackenzie, says unseasonably mild weather is largely responsible for the dramatic change in fortune. "In countries like Italy, Spain, France, we're seeing temperatures and [gas] consumption closer to August and early September [levels]," he told CNN Business. "Even in countries in the Nordics, the UK and Germany, consumption is way below the average for this time of the year," he added.
You tell Vladmir! No, you tell Vladmir! (Score:5, Interesting)
I wonder how long Putin's many friends will avoid telling him that Europe is well-prepared for winter.
Re:You tell Vladmir! No, you tell Vladmir! (Score:4)
It might not be well prepared. Supply is ok now, but they need to store it until winter instead of using it. Once someone proclaims "crisis averted!" then the crisis will start again, if my experience in human behavior holds up. Likely there will still be huge conflicts about using natural gas to keep homes warm versus using it in industry, and which group will politicians favor most.
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Nord Stream altered flows, not volumes [csis.org]
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Re:You tell Vladmir! No, you tell Vladmir! (Score:5, Informative)
That page is from 2019. While your argument is plausible, I would like to see evidence that the other pipelines are open for business the way they were before Nord Stream 2 went into operation. It's costly to operate and maintain a pipeline. Geopolitical issues can also cause the oddest things to happen to infrastructure overnight aside from the deliberate physical sabotage.
Nord Stream 2 never went into operation.
Re: You tell Vladmir! No, you tell Vladmir! (Score:2)
Was/is Nord Stream 2 in operation?
I believe Nord Stream (1) was in operation, but I don't think NS2 was fully-operational when there were "mysterious" explosions along the pipeline...
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Climate change results in more extreme and unreliable weather patterns. Warmer on the global average but not always warmer in any particular place. Europe could have just as easily been having a colder than normal winter this year.
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You did not get it "strait".
Nord Stream was built to reduce transport fees by not crossing as many borders and instead routing through the Baltic Sea.
The old pipelines going through Ukraine and Turkey still exist. They are just more expensive to operate.
Re: You tell Vladmir! No, you tell Vladmir! (Score:5, Interesting)
Nord Stream 2 was built because Russia and Ukraine have had a long running dispute (unpaid bills, stolen fuel, high prices etc) about the pipelines running from Russia through Ukraine to the EU - Russia wanted to finally remove Ukraines only leverage, by removing the importance of the Ukrainian pipelines. It would also allow Russia to stop supplying Ukraine with fuel. Both of these things being removed would hurt Ukraine badly.
This was one of the reasons the US was against NS2 - without NS2, it kept Russia engaged with Ukraine through necessity. It was never really about energy dependency, it was always about international politics.
And then Russia invaded.
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The real reason Putin wants to control Ukraine? It gives a bigger lock over what happens to his exports. But then it just means he puts his eye on Poland as the next place that might want a cut of the profits... (let's sing all together: "A little piece of Poland, a little piece of France, a little piece of Portugal and Austria perchance...")
Re: You tell Vladmir! No, you tell Vladmir! (Score:4, Informative)
It's not all that it needs for winter. But it had all that it needed for a warmer than normal October.
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Right because the AC people use when it's hot doesnt require energy. You're a fucking genius.
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Re: You tell Vladmir! No, you tell Vladmir! (Score:5, Interesting)
Meanwhile our great president keeps reducing our national emergency reserves...
The difference is we can ramp up more production to replenish as needed as we have the means to do so. EU not so much as natural gas is not so natural in their geography, and thus must be imported.
I think the OP was referring to US oil strategic reserves. And while the US does produce enough to meet domestic needs, much (most?) of that is exported and not refined/used domestically as it's the wrong type of oil. From Oil America Produces Enough Oil to Meet Its Needs, So Why Do We Import Crude? [nasdaq.com] (March 2022):
The U.S does indeed produce enough oil to meet its own needs. According to the U.S. Energy Information Administration (EIA), in 2020 America produced 18.4 million barrels of oil per day and consumed 18.12 million. And yet that same report reveals that the U.S. imported 7.86 million barrels of oil per day last year.
That happens because of a combination of economics and chemistry. The economics are simple: overseas oil, even after shipping costs, is often cheaper than domestically-produced crude.
Most of the oil produced in the U.S. fields in Texas, Oklahoma, and elsewhere is light and sweet, compared to what comes from the Middle East and Russia. The problem is that for many years, imported oil met most of the U.S.’s energy needs, so a large percentage of the refining capacity here is geared towards dealing with oil that is heavier and less sweet than the kind produced here.
Re: You tell Vladmir! No, you tell Vladmir! (Score:3)
To be clear, the Strategic Petrokeum Reserve and Natural Gas are two distinct fuels, in no-way interchangeable...
Re: You tell Vladmir! No, you tell Vladmir! (Score:5, Insightful)
Meanwhile our great president keeps reducing our national emergency reserves...
Just because you don't understand what the SPR is for, doesn't mean you get to just make shit up.
The Strategic Petroleum Reserve was created after the oil shocks of the 1970s [wikipedia.org] specifically to be used to even out market disruptions. You know, like a war between one of the largest oil producers on the planet and subsequent embargo of their exports, combined with a cartel that producer has a good amount of influence over deciding to reduce production in order to prop up prices.
It's being used for exactly what it was created for, regardless of your partisan hackery and bullshit that you're parroting from the right-wingers.
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I never understood the dichotomy when someone claims to be fiscally conservative but then advocates that all reserves be spent quickly (oil, excess tax revenue, etc). Saving for a rainy day used to be considered fiscally conservative, but no more I guess.
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Hint: They're not real fiscal conservatives.
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True. The republicans gave up on that around the same time that the democrats gave up on trade unions.
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"NEW YORK (Reuters) - President Donald Trump's plan to fill the U.S. emergency crude oil stockpile has become the centerpiece of his administration's strategy to shield drillers from a meltdown in energy demand - but company officials and industry groups say the program has been too slow and won't be enough to save them."
Compared to now it's bizarro-world!
Re: You tell Vladmir! No, you tell Vladmir! (Score:2)
Re: You tell Vladmir! No, you tell Vladmir! (Score:5, Insightful)
Meanwhile our great president keeps reducing our national emergency reserves...
That will end with the midterm election in 12 days.
After that they'll go back to fucking up energy supply in the US for another 20 months until the 2024 election gets serious. The establishment uses the "strategic reserve" to relieve some energy price pressure around elections. Otherwise the policy is to maintain high prices and scapegoat domestic oil companies.
They always release supplies when there's a spike in prices, elections or not. And it's always an amount that's fairly trivial in the scheme of things, but it works because the price changes are more psychological than anything else. Gas prices at the pump fluctuate way more than you'd expect from market conditions. The stunts end up working.
And it doesn't really matter, because when they release from the reserves, oil companies bid to pay Y barrels within a year in exchange for X barrels now, where Y > X. So as long as they don't go crazy with the releases, the supply keeps going up over the long run.
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What I noticed as alarming is clicking the Total Regional chart, the east coast has half the reserves of two years ago. Still plenty I suppose, but a bad trend.
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I don't know enough to know what the different categories mean, but the top table says 125m total barrels a year ago and 109m last week.
Re: You tell Vladmir! No, you tell Vladmir! (Score:5, Insightful)
Yeah, god forbid we use a strategic resource for... strategic purposes. Especially when the entire reason the SPR exists is to "relieve some energy price pressure" due market disruptions - you know, exactly like what's happening right now.
What the fuck did you think the SPR is for, anyway? It was created after the oil shocks of the 1970s in order to prevent future market instability from happening due to oil cartels deciding to fuck with us - you know, exactly like what OPEC+ is doing right now. Never mind that there will still be over 400 million barrels of crude in the SPR [eia.gov] after the authorized release is complete at the end of November. We're more or less where we were before Bush 43 authorized a huge oil buy in 2002, and US oil consumption per day is actually below 2002 [statista.com]. Oh, and domestic production is WAY up from 2002, and increasing [eia.gov].
So basically nothing you said is true, and in fact things you said are the exact opposite of what is happening.
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>scapegoat domestic oil companies.
Hard to scapegoat corporations who are making record profits off of the multiple crises in the world. Sorry.
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Is this a supply side thing? (Score:5, Interesting)
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Re:Is this a supply side thing? (Score:5, Informative)
Bingo. Most of major companies using natgas as input went insolvent in Germany in last few months. Of those remaining, most already announced plans to move closer to piped gas from Algiers, places like Spain and Portugal.
So as insolvency procedures progress, demand is starting to go down. The reason why Sholz is desperately pushing for sale of the port to COSCO against pretty much entire political establishment is because this is basically the hail mary to offer something, anything to quickly offshoring remaining German industry, before German de-industrialization is a done deal.
I remember reading this list through that was reported just in a single day this month:
80 years after foundation: German furniture manufacturer Hülsta insolvent.
85 years after foundation: Large bakery chain Thilmann insolvent.
125 years after foundation: German construction company Wolff Hoch- und Ingenieurbau insolvent.
130 years after foundation: German confectionery manufacturer Bodeta insolvent.
156 years after foundation: German automotive supplier Borgers insolvent.
170 years after foundation: German soap maker Kappus insolvent.
This is not total. This is just what happened in one day less than a month ago if I remember correctly. So this would be a fitting timing for demand to crash as insolvency procedures stop production due to lack of delivered inputs as they're not longer reliably paid for.
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If 9 months of increased electricity bills did these companies in then they werent stable to begin with. On a quick internet search it looks like the average factory in the US spends a bit over $5k on electricity https://www.costanalysts.com/a... [costanalysts.com]. Now obviously that number is going to vary a ton based on the size of the factory but what this number does show us is that electricity is only a tiny portion of a business' overall operating costs. If these German companies cant absorb a doubling of costs like th
Re:Is this a supply side thing? (Score:4, Insightful)
I expected that propaganda line, so I included ages of each company that is insolvent. The youngest company on the list is 80 years old. The oldest is 170. Those are old, highly stable German companies most of which survived through crises like Two World Wars, Cold War, collapse of USSR among others.
Entire German industry is built on the concept of "import cheap Russian energy, add value while moving product up and down the main riverine systems such as Rhine until you have a very valuable end product, sell the very valuable end product on foreign markets". It's called "working with what you have, not dreaming of what you don't".
Before this policy was finalized by Schröder government, Germany was known as "sick man of Europe" with horrifically inefficient economy. We're going back to that, but in a world where demand is also crashing as demand side is also cratering for Germans as China is in a slow decline and closing down to foreigners and German best engineering population ageing into retirement with insufficient replacement generation. So it's going to be much, much worse for Germany than it was back then.
That's why the word from places like Ukraine is increasingly "yeah, we want to get into EU, but by the time we're ready, we're not really convinced that EU will be there". Because EU traditionally stood on combination of French geostrategic vision and German economic largesse.
And while French continue to overperform on their side, Germany is in a freefall to the point where Macron and Scholz had that horrific recent meeting where they couldn't really talk about anything relevant. Because there's almost no point of common contact left. Germany is desperate not to de-industrialize, while French understand that Americans won the trade war both on Chinese and European fronts, and the only thing they can salvage is to drain economic strength out of Central and Eastern Europe which traditionally stood in German sphere of influence into Western one which is firmly in French sphere of influence.
Hence the recent projects to get oil and gas "to Germany" from massively overpriced marginal suppliers in former French colonies in North and West Africa and their nearby nations that French have reeled in in their recent diplomatic, economic and military blitz around West Africa.
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I expected that propaganda line, so I included ages of each company that is insolvent. The youngest company on the list is 80 years old. The oldest is 170. Those are old, highly stable German companies most of which survived through crises like Two World Wars, Cold War, collapse of USSR among others.
"Highly stable" is an assumption. An old company could take years of slowly falling, mostly because its inertia is high. The pandemic greatly weakened a lot of companies, and those who were barely hanging previously were easily pushed over the edge. Do you really believe a large company could become insolvent overnight?
Also, without research into "why" and "how", you can't really tell whether they survived the crises because they were smart, innovative, or simply parasitic.
Why are you considering the Cold W
Re: Is this a supply side thing? (Score:2)
ou're right - dozens of poorly-managed century-old companies spontaneously became insolvent in the same month because "poor management". It in no way has anything to do with a serious, protracted disruption of their cheap common energy source. /SARCASM
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There are thousands of century old companies, some small, some large.
The fact that they became insolvent during the same period could be attributed to a lot of things, you choose to pick one and go with it, ignoring the other 95%+ of companies which did NOT go insolvent.
Remember, though, correlation does not imply causation.
Many companies are bad at managing liquidities. They underestimate how much they should keep in liquidity. The last 15+ years were particularly merciless, starting with the 2007 financia
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As I said: The age of a company is of no relevance to its future existence. None. Niente. Nada. Each company can die within the next 12 month, completely independent of its current age.
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Yeah. But it's also laughable to insist that that wasn't the reason. It's a quite reasonable quick guess. And, I agree, it's a long way short of proof, but you won't get that without teams of CPAs going through to books with a court order giving them free access, and a remit from an independent outside examiner.
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Which is exactly why the list I have contains a multitude of companies that come from completely different fields. What are the similarities between a bakery, an autoparts manufacturer, a construction company, a furniture company and a soap maker?
The sole answer is "industrial inputs". They all take various parts of refining process of natural gas, from methane to hexadecane and utilize them in their production.
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French understand that Americans won the trade war both on Chinese and European fronts,
What?
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It's not just energy. Natgas contains a wide array of industrial inputs.
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Good point, though it demonstrates a bit of misunderstanding of how each of those systems work in practice. ECB is for governments, not private companies. EU rules generally prohibit Germany from assisting its own companies because it distorts the common market rules.
Germany still did some bailing out. That's one of the reasons for the latest tiff between Germany and France. It's just that with all the companies in the same disastrous state at once, state has to pick and choose who is so critical that they
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You can't "operate normally" when you inputs are lacking. As in they're not there.
Because this isn't just about energy. One of the problems in German industry is that natgas is used for industrial inputs. You can't replace it there, and it must be under certain price thresholds to be viable on global markets to make specific items. Here's a handy chart:
https://imgur.com/a/KQalsyw [imgur.com]
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But there is plenty of gas now. There was a short hick-up and that's it.
And actually for most companies that were mentioned, like bakeries, the issues that were cited in their filings were things like the inability to heat their spaces due to high gas prices. I am sure they have natural gas as an input somewhere in the chain but most businesses use intermediates which are available from places where gas is not as constrained (like the USA and Asia) or from storage. Chill out. Rejoice. European economy will
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Everything is nice. There's plenty of gas. It's just that whatever products you make with inputs from marginal producer prices gas from West Africa and other similar sources is something that cannot be sold on any market where Germany can't force purchasing for exorbitant sums well above contractual sums.
And German industry cares very little about internal pricing. It's a heavily export oriented economy with vastly insufficient domestic consumption.
Which is why Germany is currently desperately trying to bai
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The numbers are much happier than your panicked view [https://www.sachverstaendigenrat-wirtschaft.de/en/economic-outlook-2022.html]:
"Germany's GDP is likely to increase by 1.8 % in 2022 and 3.6 % in 2023."
Generally, there is nothing to worry about structurally until you see double digit percentage declines of GDP and Germany is nowhere near that. It might even avoid any GDP decline. Like I said, Germany is in good shape and will come out of this stronger.
But yes, for best economic future, Germany must make
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There is plenty of gas. It's been oversupplied worldwide for more than a decade.
Energy ratio of oil:gas =~ 6:1 (bbl:mcf)
Price ratio of oil:gas =~ 15:1
Price ratio of oil:lng =~ 11:1 (~30% losses to liquefaction and shipping)
It is wholly unsurprising that Europe has no problem acquiring "cheap" LNG instead of "dirt cheap" Russian gas now that everyone is looking at where they are sending their money. The better question to ask is why they weren't doing this in the first place.
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More than that, did everyone forget that natgas is produced in such quantity that it's commonly just burnt off at the source - known as "flaring" ?
If there's a market for it, we stop doing that and instead ship it to the market. Duh.
Re: Is this a supply side thing? (Score:2)
Re: Is this a supply side thing? (Score:2)
It's a storage thing. They have no capacity left, wouldnt know where to put the stuff if you gave it to them for free (hence the price). The same thing happened to oil during covid for a brief period of time.
If you want to know about Europe's energy needs, look at the 6 month forward price. Oh surprise, definitely not 0.
Re: Is this a supply side thing? (Score:2)
But for an instant, the computers priced the LNG at negative numbers, they would pay you to take it!
A smart "buyer" would talk all they could get, and when asked where to store it, jus they'll the sellers to release it into the atmosphere!
Of course, you have be sure and close the deal before the price goes negative again!
Re: Is this a supply side thing? (Score:2)
Before the price goes POSITIVE again! (Typo in previous response)
Sadly (Score:3, Interesting)
This isn't doing a thing for end-user prices.
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I'm happy that gra-mere isn't going to freeze.
But you know how this works, consumers always pay more and more because profit margins must always go up.
Re: Sadly (Score:2)
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Shell is paying great dividends [msn.com]. Investing and passive income is a great way for people to make money, assuming they already have money.
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Many EU countries have windfall taxes on gas suppliers to help offset the cost for consumers. In fact the head of BP said that the British government should levy a windfall tax on his company too, but they have so far declined to do so.
In France they also nationalized the biggest electricity supplier, EDF. EDF has been struggling for decades anyway, but after being nationalized the government decided to limit electricity retail price rises to 4%. EDF has been fleecing the taxpayer for years anyway, so it's
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Oil and gas suppliers are avoiding windfall tax [aol.com] this year if they have significant capital expenditures. The idea that the EU is this egalitarian pro-consumer anti-corporate stronghold is a not all that realistic of a fantasy when you can easily find plenty of holes. It would be one thing if it seemed like people were trying to plug the holes, but too many pretend there isn't any problem or actively defend the behavior.
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It is exactly the opposite.
EDF has been subsidizing the French government for decades and is still doing it. The amount of dividends they pay is trough the roof, way above what the CAC 40 pays, and they are forced to sell a big portion of their electricity at below the market prices via the ARENH.
Spinning rapidly (Score:5, Insightful)
The storage facilities are full, which is good.
Mostly.
The big question is "do they have enough stored in those tanks to get them through the winter with a reduced ongoing input of natural gas?" They keep sliding past that part.
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No one knows. And no one can know, since it depends on how bad the coming winter is. But it's much better to be in this situation than to have half-full reserves at the end of October.
Re: Spinning rapidly (Score:2)
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It depends if they plan to share it with the UK. The UK closed most of its storage facilities so has very little capacity left. It didn't seem worth keeping them open when we could just get gas from the continent... That we then majorly pissed off with brexit... And who now need all that gas for themselves.
This winter is going to be hard for us.
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Yes they do, no one is sliding past it. Collectively though, individual nations may need to buyfrom others. E.g. Austria has a winter's supply in its caverns. Germany does not, but the Netherlands has an oversupply so Germany will likely need to buy from NL. Additionally it's all dependent on the type of winter. It's going to be 20C next week, unseasonably warm, which is one of the reasons Europe massively overshot it's storage target. If winter stays like that we could see another market upset in the oppos
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If the storage tanks are full, why wouldn't they be able to get through winter?
It depends on the capacity of those tanks. Just because the tanks are full doesn't mean that is enough capacity (along with whatever new supply is delivered during winter) to make it through months of cold winter. There might be two days or two months of capacity in those tanks.
Re: Spinning rapidly (Score:2)
Very transitory (Score:3)
Just in Time System failure (Score:5, Informative)
Europe uses a Just In Time delivery for natural gas. That is, they have little storage and instead expect a constant pipeline to keep their needs filled. Works fine when the pipe is working, sucks when it is not.
They have full tanks now, when they are not using the gas; but will use up their supply fast.
Re: Just in Time System failure (Score:2)
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Europe has storage capacity for about 3 months use at normal consumption rates. That's not the problem. The problem is that Europe has relied too much on one supplier of natural gas. But thanks for participating in the discussion.
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This winter is looking mild, and countries that have storage will probably be okay. For example, Germany has 245TWh, with a consumption of about 930TWh last year. So they have about a quarter of their yearly usage in storage right now, a pretty significant amount.
The EU requires member states without storage to have a solidarity agreement with other states that accounts for 15% of their gas usage.
This means they are NOT prepared for winter (Score:5, Insightful)
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Re: This means they are NOT prepared for winter (Score:2)
So the northern EU nations should just immigrate/move down and occupy the southern EU nations? Brilliant!
No, explain why so many people from warmer climates are immigrating (seeking asylum) in the US with it's colder climate?
Re: This means they are NOT prepared for winter (Score:2)
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Were you aware it takes a few years to build out gas receiving facilities?
Were you aware you are wrong? FSRUs can be deployed very quickly and are coming online as we type. The Netherlands started two of them up just last month that were completely unplanned before Putin's invasion.
https://www.ft.com/content/27d... [ft.com]
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https://qz.com/europe-is-count... [qz.com]
"European countries have leased at least 25 FSRUs since Vladimir Putin’s invasion of Ukraine, with more anticipated to come as the region struggles to replace Russian gas.", and "It usually takes 12 to 18 months to install a new FSRU, but given the EU’s sense of urgency, Raes estimates some projects are being launched in half that time.". The ones in
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https://www.statista.com/stati... [statista.com]
LNG Prices Will Balance Out (Score:2)
There is a much darker side to all of this (Score:2)
Have you noticed how this affected prices everywhere?
Food escalated in price due to extremely high transportation costs, several big farms of tomatoes and other produce had to shut down due to extreme heating costs. People in Scandinavia scrambled to get bio fuel (they are heavy users of pellets and wood) and it was sold out for months ahead, not only that - prices for pellets and wood as much as quadrupled in price.
And when everyone has bought out everything at exorbant prices - all of a sudden everything
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underground storage? (Score:3)
Does Europe have underground storage facilities like Aliso Canyon? The US stores a lot of gas this way.
https://en.wikipedia.org/wiki/... [wikipedia.org]
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Yes. Generally any large volumes of gas are stored underground. Europe has about a 3 month supply of gas, their storage is currently full, additionally LNG tankers are floating off the coast unable to unload (which is one of the reasons for the price dip).
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I read the summary...
This article says Germany's gas storage capacity is around 23.3 billion cubic meters of gas.
https://oilprice.com/Latest-En... [oilprice.com]
According to this, Aliso Canyon can hold about 86 billion cubic feet of gas.
https://www.utilitydive.com/ne... [utilitydive.com]
Without considering pressure, seems like Aliso Canyon's capacity is about 10% of Germany's total storage capacity.
No surprise.. (Score:2)
We have uncommonly warm weather for this time of year. Thankfully.
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pre-election happy spin (Score:2)
CNN is, no matter how much they pretend otherwise, an American news outlet, and the US is about to have its very important midterm elections at a time of American economic misery and international chaos. American news networks are scrambling to convince voters that all's well while early voting is underway, and telling them all is suddenly well in Europe is just a part of that. I suspect their reportage of European energy will flip in about 3 weeks. Consider:
1. the article concedes that this was a brief gli
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If you want to read a novel on the supply and demand economics of gas in Europe then go buy a 300 page book on the topic. News articles exist to report generally singular things. No one gives a shit about the election in the USA or your weird conspiracy theory. Certainly not financial times, or any of the many international news outlets covering this actual story.
1. Whether it's a blip or not is irrelevant. The spot blip below zero is a huge fucking story given the ongoing gas prices have plateaued at $100/
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Either way, it's looking like Europe and Germany are going to make it through the winter without too much trouble.
Gas tankers queue awaiting price rises (Score:2)
Unusually warm weather (Score:2)
All this says is Europe doesn't have infrastructure built to properly handle it's energy needs and was using russia for both the pipelines and storage.
Re:Seeing backlash from gouging, Gas prices drop. (Score:5, Insightful)