–May 2023 discount narrows
By Mathew Carr
April 18-20, 2022 — Natural gas futures for May 2023 closed at a record 77.31 euros / MWh on Wednesday, before easing Thursday.
Gas futures were not trading Monday on ICE. The Russia-Ukraine war is boosting gas prices because of uncertainty over the transit of Russian gas over Ukraine’s pipeline network and a lack of clarity too about the completion and permitting of the Nord Stream 2 pipeline, an expansion of a line that already carries gas directly to Germany from Russia.
Ukrainian soldiers had launched a counterattack in Mariupol, a beseiged southern Ukraine city, on Monday despite “overwhelming” numbers of Russian forces around it, a new video published by the Telegraph newspaper in the UK appeared to show.
Footage taken from the air appeared to show a group of Ukrainian soldiers making their way through the city, engaging in a firefight with Russian troops, pinning them down and throwing grenades at their position, the newspaper reported.
Jumping May 2023 Dutch Natgas Contract
The contract’s advance the past two weeks is in contrast to the front-month contract, which has been flattish. Most trading is on the front month.
Flattish May 2022 Contract
World Bank see poorer world as Covid and Russia-Ukraine war impact supply chains, inflation. Economic output is seen scaling back instead of rising faster. Inflation is becoming bigger problem instead of easing:
Russia and EU economic production shaken by war: IMF
The EU may pivot to nuclear from natgas because of the Russia-Ukraine war.
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(Adds Tweets, context of economic harm, earlier added Mariupol’s still fighting)