Gas Crunch Will Prolong the Energy Crisis Into 2022
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Sinopec workers inspect the facilities at one of the Chinese energy giant’s pipeline companies in East China’s Shandong province on March 28. Photo: VCG
(Oxford Analytica) — Strong demand for gas from Asia and Europe is pushing gas prices higher and the Henry Hub natural gas spot price is close to USD6 per metric million British Thermal Units (MMBtu), its highest since 2008 and two to three times as high as a year ago. Particularly in Europe, where gas-fired generation sets the marginal power price, high gas prices are being passed directly through into higher electricity prices.
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