Natural gas prices surge due to cold weather, potential polar backlash, while Europe faces energy insecurity

From Investing.com: 2024-12-23 09:44:00

Natural gas prices are surging as a cold blast hits, driving the cost to the highest since January 2023. Shoppers are rushing home for a chilly Christmas, with potential for a polar backlash in January keeping the market on the rise. Meanwhile, Nat Gas supplies in Europe are on the rise as inventories revert close to average after a fast depletion this winter. Europe’s energy security is questioned as Qatar threatens to stop gas shipments to the EU over a new law against forced labor and environmental damage. The Druzhba pipeline to Europe has gone silent due to technical issues, leaving some nations without their usual oil fix. Oil is stabilizing, but demand for diesel is increasing as cold temperatures set in. Iran is looking to unload 20 million barrels of oil before impending sanctions take effect.



Read more at Investing.com: The Energy Report: Baby It’s Cold Outside