https://www.forbes.com/sites/davekeatin ... 6fc11a490bMAR 14, 2018 @ 10:25 AM 1,206
As Another Arctic Freeze Approaches Europe, Fears Grow Over Gas SuppliesThis week, as Europeans were just beginning to thaw out from record-setting low temperatures last month, they learned that their welcoming of Spring was premature.
A large arctic airmass nicknamed the “Beast from the East” stretched from the Russian Far East to the British Isles in late February and early March, causing record-low temperatures well below freezing in Western Europe. It was the worst winter weather in the UK and Ireland for 30 years.
Weather warmed up over the past two weeks, and today it is 14°C (57°F) in Brussels. But on Saturday the Beast will return, plunging Brussels temperatures down to -5°C (23°F). Now there is some doubt about whether Europe will have the gas to keep people warm during this new freeze.
Gas markets across Europe are already reeling from the Beast’s earlier visit. Demand soared and prices reached record highs at the end of February. Gas stocks in Northwest Europe are now at a seven-year low. Withdrawal rates are severely constrained by the lack of inventory.
The new freeze is expected to last a week, and gas prices have already started to spike in anticipation. UK NBP within-day and day-ahead contracts were trading at 80 p/th (Eur30.73/MWh) early Monday, and contracts for March 19-23, reaching 85 p/th. Dutch and German gas prices also rose.**********************
We told you so years ago....
PEAK GAS IN EUROPE as NORWAY UK GERMAN and NETHERLAND FIELDS are running dry fast.
PEAK GAS + OIL
M_B_S