FYI: Since the start of the war in Eastern Europe, EU law requires the gas storage tanks to be filled to 90% by November 1st. (So higher than the 80% Seb mentions). This year they were at 95% full by November 1st. This is about 100 bcm of gas storage, representing about one third of EU annual gas consumption.
Seb, your comparison of the Dutch physical gas market size to the volume of paper TTF traded is problematic. It’s the most liquid benchmark in Europe so physical traders at most other EU hubs will hold TTF contracts to manage their physical. It’s like comparing the 100s of Mns of Brent futures traded every day to the mere 1m bpd actually produced at the Brent complex. Not refuting your wider point but “18x” can’t be right
"In the space of just 8 years, the US went from being a net importer of gas to being the world's number 1 exporter of LNG." "And with that comes great riches." Wow, almost sounds like a motive to destroy the Nordstream pipeline. Almost.
"Europe moved away from Russian gas for obvious reasons" - feels like a catchphrase that somehow ceases discussion and resolution such an important environmental and economic issue. I'm loving this video/subscription but environmentally we need to avoid excess transportation of energy.
I would like to offer the correction on behalf of the host, “We are not importing Russian gas ⛽️ for obvious reasons” so if you translate that to “We are not importing Russian gas ⛽️ for stupid reasons” make much more sense.
@@prebenpetersen5982 That is too simplistic. You are forgetting a crucial factor: The last two winters were very mild. A hard winter could see gas consumption increase again. Also, due to the high gas prices after the war began, most people lowered their thermostats as heating costs increased by several multiples.
These are the most informative interviews I’ve ever seen on energy. What an amazing channel. Why so few subscribers??
Awesome work guys
FYI: Since the start of the war in Eastern Europe, EU law requires the gas storage tanks to be filled to 90% by November 1st. (So higher than the 80% Seb mentions). This year they were at 95% full by November 1st. This is about 100 bcm of gas storage, representing about one third of EU annual gas consumption.
This episode 🔥🔥
Seb, your comparison of the Dutch physical gas market size to the volume of paper TTF traded is problematic.
It’s the most liquid benchmark in Europe so physical traders at most other EU hubs will hold TTF contracts to manage their physical. It’s like comparing the 100s of Mns of Brent futures traded every day to the mere 1m bpd actually produced at the Brent complex.
Not refuting your wider point but “18x” can’t be right
"In the space of just 8 years, the US went from being a net importer of gas to being the world's number 1 exporter of LNG."
"And with that comes great riches."
Wow, almost sounds like a motive to destroy the Nordstream pipeline.
Almost.
"Europe moved away from Russian gas for obvious reasons" - feels like a catchphrase that somehow ceases discussion and resolution such an important environmental and economic issue. I'm loving this video/subscription but environmentally we need to avoid excess transportation of energy.
I would like to offer the correction on behalf of the host, “We are not importing Russian gas ⛽️ for obvious reasons” so if you translate that to “We are not importing Russian gas ⛽️ for stupid reasons” make much more sense.
"Nothing has changed to the supply of natural gas to Europe ' not so sure
Consumption is 20% lower than before the war.
So industrial output in Europe of course is lower.
Meaning less wealth
@@prebenpetersen5982 That is too simplistic. You are forgetting a crucial factor: The last two winters were very mild. A hard winter could see gas consumption increase again. Also, due to the high gas prices after the war began, most people lowered their thermostats as heating costs increased by several multiples.