Gazprom has raised their natural gas prices in Europe to a range of $295 to $330 per 1,000 cubic meters. The gas price at the Dutch TTF hub, the benchmark gas price for Europe, soared to above 100 euro per MWh for the first time ever, as gas and coal prices rally in Europe and Asia. Some people are blaming Vladimir Putin and Russia for causing this spike in natural gas prices as a way to fast track approval for the new Gazprom pipeline Nord Stream 2. Is Gazprom, the energy company whose majority ownership is the Russian government, really the cause of this energy crisis in Europe? I will take a look at the natural gas situation as recently as 2020 when Europe had a glut of natural gas and Norway cut production. Even LNG imports from the US was seen as not profitable because of the low price. What has changed in the energy market in Europe to cause these record natural gas prices?
Will high energy prices continue, and what companies will benefit from rising oil and natural gas prices?
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