Free Republic

... The stand-off with Russia has forced countries like Germany to find supplies elsewhere, and its stores have increased from less than half full in June to 84% full today. German Chancellor Olaf Scholz told journalists Germany would get through the winter, adding that Russia was "no longer a reliable energy partner". He said the government would make one-off payments to pensioners, people on benefits and students. There would also be caps on energy bills. Some 9,000 energy-intensive businesses would receive tax breaks to the tune of €1.7bn. A windfall tax on energy company profits would also be used to...

Austrian Chancellor Karl Nehammer backs a European Union-wide cap on runaway electricity prices, he said in a statement issued by his office on Sunday. Austria's conservative-led government was initially sceptical at the idea of capping power prices but it has warmed to the idea as they have continued to rise in line with soaring gas prices following Russia's invasion of Ukraine. "We must finally stop the madness that is taking place in energy markets. And that can only happen through a European solution," the statement quoted Nehammer as saying, adding that he would seek to convince holdouts in the bloc....

Economic war with Russia is likely to keep prices high and send growth into reverse but specter of rationing is fading. There is no end in sight for Europe’s surge in energy prices. That could be just what the continent needs to avoid the devastating effects of having to ration natural gas this winter. This is because prices are so high—many times their level from last year—that they are forcing Europeans to save fuel and secure alternative supplies. That has resulted in rising gas reserves and a higher likelihood that the economy will shrink but not crash outright in the...

MOSCOW. Aug 22 (Interfax) - Germany, Europe's leading gas market, has reaching its minimum target of stocking 80% of underground gas storage (UGS) capacity. However, the EU's primary economy intends to continue active gas injection ahead of the coming winter. The gas transit request via Ukraine was unchanged from previous days and months. UKRAINE TRANSIT Gas Transport System Operator of Ukraine or GTSOU has accepted a request from Gazprom for Monday to transport 41.6 million cubic meters of gas through the country, data from GTSOU show. The request for Sunday was 42.2 million cubic meters. Capacity was requested only through...

U.S. natural gas prices take a sharp turn lower after Freeport LNG said on Tuesday it now expects to restart its shuttered export plant in early to mid-November, and ramp up to a sustained level of at least 2B cf/day by the end of November, delaying the timeline from a previous estimate of October. Freeport LNG's newest recovery plan will utilize the company's second loading dock as a lay berth until loading capabilities at the second dock are reinstated in March 2023, when it anticipates being capable of operating at 100% of capacity. Nymex front-month natural gas futures (NG1:COM) for...

As the global economy labors under sky-high energy costs, those costs are bleeding through the entire economy triggering record-setting inflation. One sector being increasingly battered by the high energy prices is the commodities sector, and that is raising prices which will be passed on to consumers through every producer and manufacturer dependent on those commodities to produce their products. The storm hitting commodities will eventually add to the pressures on consumers, and affect investors, as it affects the profitability of the companies who supply products. And things are set to get even worse as winter approaches, and supplies of natural...