80.7 F
Chicago
Friday, July 31, 2026
Home Blog Page 4019

Fed Chair Powell Tests Positive For COVID; “Is Vaccinated & Boosted, Has Mild Symptoms”

0
Fed Chair Powell Tests Positive For COVID; “Is Vaccinated & Boosted, Has Mild Symptoms”

Federal Reserve Board Chair Jerome Powell tested positive for Covid-19 and is experiencing mild symptoms. 

The 69-year-old Powell received the positive test Wednesday and “is up to date with Covid-19 vaccines and boosters,” and is working remotely while isolating at home, the Fed said in a statement at the same time as Davos billionaires were being addressed by Pfizer CEO Bourla (himself probably a billionaire by now courtesy of covid).

The next meeting of the policy-setting Federal Open Market Committee is set for Jan. 31-Feb. 1, and Powell is scheduled to deliver an in-person press conference at 2:30 p.m. in Washington after the meeting concludes.

Whereas stocks would have freaked out if this news hit three years ago, this time Bloomberg is quick to note that the Covid-19 landscape “is different than it was earlier in the pandemic: Most people have hybrid immunity from vaccinations or infections, and antivirals are widely available to older adults and those with compromised immune systems.”

Tyler Durden
Wed, 01/18/2023 – 10:59

‘Soft Landing’ Narrative Nuked As US Industrial Production Plunges In December

0
‘Soft Landing’ Narrative Nuked As US Industrial Production Plunges In December

US Industrial Production was expected to decline for the third straight month in December and it did, tumbling 0.7% MoM (and November’s 0.2% decline was revised down to a 0.6% drop)…

Source: Bloomberg

That lowered the YoY gain in industrial production to just 1.65%, the lowest since March 2021.

Under the hood, everything was red except utilities “as cold temperatures boosted the demand for heating”

Focusing in on manufacturing production, the picture was even worse with a 1.3% MoM tumble (2nd straight monthly decline)…

Source: Bloomberg

Capacity Utilization plunged more than expected to 78.7% (79.5% exp)…

Source: Bloomberg

Does any of that look like a soft landing?

Tyler Durden
Wed, 01/18/2023 – 09:22

Pentagon Forced To Tap Unreported Ammo Stockpile In Israel To Support Ukraine

0
Pentagon Forced To Tap Unreported Ammo Stockpile In Israel To Support Ukraine

The New York Times this week has detailed more of the desperate behind the scenes scramble of US and Western officials to keep up the steady supply of arms and ammo, especially artillery munitions (155mm shells), to Ukraine in order to beat back the Russian invasion. It’s yet another significant acknowledgement of the Pentagon’s own dwindling stockpiles as it now must tap heretofore not publicly disclosed stores in Israel…

“The Pentagon is tapping into a vast but little-known stockpile of American ammunition in Israel to help meet Ukraine’s dire need for artillery shells in the war with Russia, American and Israeli officials say,” the Times reports. “The stockpile provides arms and ammunition for the Pentagon to use in Middle East conflicts. The United States has also allowed Israel to access the supplies in emergencies.”

Ukrainian artillery position on outskirts of Bakhmut, eastern Ukraine. AFP

Western backers of Kiev are currently also seeking to prepare Ukraine to defend against an anticipated Russian spring offensive, and Ukrainian forces need hundreds of thousands of rounds. 

As for what’s being tapped from the Pentagon’s ammo stores in Israel, “About half of the 300,000 rounds destined for Ukraine have already been shipped to Europe and will eventually be delivered through Poland, Israeli and American officials said,” according to the report.

The stockpile in Israel has previously gone unreported, while another stockpile held oversees is also being tapped, in South Korea. Both countries have themselves thus far maintained an official policy of not arming Ukraine, with Israel in particular coming under pressure by both Washington and Ukrainian officials to send lethal aid.

Israeli reluctance and the fact that it must walk a fine diplomatic line with Russia given the Russian military presence in Syria, makes the Pentagon using its Israeli stores for a conflict in eastern Europe deeply controversial. 

The new Tuesday NYT report continues a consistent theme which has been an issue concerning US defense officials since even the opening months of the war – how to arm Ukraine enough to claw back territory without endangering America’s own defense preparedness.

The Times underscores this dilemma in the following: “The shipment of hundreds of thousands of artillery shells from the two stockpiles to help sustain Ukraine’s war effort is a story about the limits of America’s industrial base and the diplomatic sensitivities of two vital U.S. allies that have publicly committed not to send lethal military aid to Ukraine.”

Last week, at a defense conference in D.C. some among the US Navy’s top leadership put the dilemma in stark terms, with a reporter from Defense One capturing a top commander’s words: “An admiral alluded to the US needing to choose between itself and Ukraine during a panel at the conference.”

Tyler Durden
Wed, 01/18/2023 – 09:05

Joe Rogan On Biden: “They’re Trying To Get Rid Of Him”

0
Joe Rogan On Biden: “They’re Trying To Get Rid Of Him”

Authored by Paul Joseph Watson via Summit News,

During a discussion on his podcast, Joe Rogan suggested the latest scandals surrounding Joe Biden suggested that top Democrats are “trying to get rid of him.”

The president has been embroiled in more controversy after it was revealed that at least 20 classified documents relating to his time as vice-president were found at Biden’s home.

Biden is now being investigated by a special counsel appointed by the US Department of Justice, having previously called Donald Trump “irresponsible” after his home was raided by the FBI for similar reasons.

According to Joe Rogan, the scandal is part of a Democrat subversion campaign to ensure Biden doesn’t try to run for office again in 2024.

“I don’t know jack shit about politics, but if I had to guess — they’re trying to get rid of him. My guess would be they’re trying to get rid of him,” said the podcast host.

He was responding to a comment by Shane Gillis, who joked, “It’s crazy. He’s getting jammed up on like manila folders when he was like kissing 12-year-old girls on camera.”

“If all of a sudden they’re — his own aides are sending these — instead of like taking these classified documents, which you have located and go, ‘Well, let’s not do that again’ and fucking locking them up somewhere,” Rogan added. “His own aides.”

Speculation that Biden’s own team is trying to sabotage him correlates with previous indications that prominent Democrats fear Biden will get crushed if he tries to run for president again.

Last summer, Rep. Carolyn Maloney (D-NY), who chairs the House Committee on Oversight and Reform, told the NY Times Editorial Board that President Joe Biden won’t run for office a second time.

“Off the record, he’s not running again,” Maloney said.

According to Dick Morris, former top advisor to Bill Clinton, the Democratic establishment knows “that Biden can’t run again in 2024” due to his “quickly declining mental abilities” and the economic disaster he had presided over.

 

An ABC News/Washington Post poll found that the majority of Democrats and Democrat-leaning independents don’t want the 80-year-old to be their party’s candidate.

Biden would be in his mid-80’s by the time he left the White House if he won again in 2024.

*  *  *

Brand new merch now available! Get it at https://www.pjwshop.com/

In the age of mass Silicon Valley censorship It is crucial that we stay in touch. I need you to sign up for my free newsletter here. Support my sponsor – Turbo Force – a supercharged boost of clean energy without the comedown. Get early access, exclusive content and behind the scenes stuff by following me on Locals.

Tyler Durden
Wed, 01/18/2023 – 08:50

US Retail Sales Tumbled In December

0
US Retail Sales Tumbled In December

While all eyes have been on the inflation prints, and soaring consumer debt (and plunging savings rates), this morning we get an idea of that consumer ‘strength’ via the December retail sales data. Consensus expected a headline decline of 0.9% MoM, while the more accurate forecaster BofA expects an even more serious decline:

BofA was correct again as the headline retail sales print for December tumbled 1.1% MoM – the biggest monthly drop since July 2021 and second straight monthly drop…

Source: Bloomberg

10 of 13 retail categories fell last month, according to the report, including motor vehicles, furniture and electronics. The value of sales at gasoline stations slumped 4.6% as prices steadily dropped.

On a YoY basis, retail sales were flat at +6.0%, but core retail sales rose 6.7% YoY…

Finally, the control group – which feeds directly into the GDP calculation – tumbled 0.7% MoM (more than double as bad as the 0.3% decline expected)

Source: Bloomberg

And bear in mind, this data is notional, not real, so ‘real’ spending was down significantly.

Tyler Durden
Wed, 01/18/2023 – 08:44

US Producer Prices Plunge Most Since COVID Lockdowns

0
US Producer Prices Plunge Most Since COVID Lockdowns

While CPI printed 0.1% lower (headline MoM) – exactly as expected – this morning’s headline producer price index was also expected to drop 0.1% MoM “confirming peak inflation” and stoking the fires of ‘pause/pivot/soft-landing’ narrative buyers.

They were right as the headline PPI print tumbled 0.5% MoM – the biggest monthly drop since April 2020.

Source: Bloomberg

That dropped the YoY PPI to +6.2%, the lowest since March 2021.

Prices for final demand goods moved down 1.6 percent in December, the largest decrease since falling 1.8 percent in July. Leading the December decline, the index for final demand energy dropped 7.9 percent. Prices for final demand foods decreased 1.2 percent.

Nearly half of the December decrease in the index for final demand goods can be traced to a 13.4-percent decline in prices for gasoline. The indexes for diesel fuel; jet fuel; fresh and dry vegetables; canned, cooked, smoked, or prepared poultry; and basic organic chemicals also fell. In contrast, prices for carbon steel scrap increased 8.3 percent. The indexes for chicken eggs and for electric power also moved higher.

Prices for final demand services edged up 0.1 percent in December after rising 0.2 percent in November. The December increase can be traced to margins for final demand trade services, which advanced 0.3 percent. (Trade indexes measure changes in margins received by wholesalers and retailers.) Conversely, the index for final demand transportation and warehousing services fell 0.2 percent, while prices for final demand services less trade, transportation, and warehousing were unchanged.  

A major factor in the December increase in prices for final demand services was a 17.6 percent jump in margins for fuels and lubricants retailing. The indexes for deposit services (partial), airline passenger services, inpatient care, and professional and commercial equipment wholesaling also moved higher. In contrast, prices for truck transportation of freight decreased 1.7 percent. The indexes for residential real estate loans (partial), machinery and vehicle wholesaling, and guestroom rental also fell.

The outlook for headline PPI is also trending lower as intermediate demand PPI is slowing rapidly…

Source: Bloomberg

One more silver lining for corporations, CPI printed higher than PPI for the first time since Dec 2020 (easing margin pressures broadly speaking)…

Source: Bloomberg

However, it wasn’t all great news (for the peak inflation-ers), as Core PPI (excluding the volatile food and energy components) actually rose 0.1% MoM.

This will be greeted as good news by the market but maybe worrisome for its “unwarranted easing” effects by The Fed.

Tyler Durden
Wed, 01/18/2023 – 08:36

“I Am Taking This Very Seriously”: BlackRock’s Larry Fink Struggles With “Demonized” ESG Narrative

0
“I Am Taking This Very Seriously”: BlackRock’s Larry Fink Struggles With “Demonized” ESG Narrative

BlackRock, the world’s biggest asset manager, has faced increasing backlash about environmental, social, and governance (ESG) investing. A handful of US states have pulled billions of dollars from BlackRock funds over accusations of “greenwashing,” hurting the fossil fuel industry and turbocharging America’s “woke” culture.

On Tuesday, BlackRock’s Larry Fink told Bloomberg TV at the World Economic Forum in Davos that ESG investing has been tarnished:

 “Let’s be clear, the narrative is ugly, the narrative is creating this huge polarization. “

Fink continued:

“We are trying to address the misconceptions. It’s hard because it’s not business any more, they’re doing it in a personal way. And for the first time in my professional career, attacks are now personal. They’re trying to demonize the issues.”

The Republican crusade, including states such as Florida, Louisiana, and Missouri, said they would pull funds out of BlackRock, citing that the asset manager’s ESG efforts could impact investor returns. 

In December, Florida made the most significant withdrawal, pulling $2 billion from BlackRock. 

 “Using our cash to fund BlackRock’s social-engineering project isn’t something Florida ever signed up for.

 “It’s got nothing to do with maximizing returns and is the opposite of what an asset manager is paid to do,” Jimmy Patronis, Florida’s chief financial officer, said in a recent statement.

Meanwhile, Texas Lt. Gov Dan Patrick has urged state officials to label BlackRock as a hostile entity for its action in the attempt to crush the oil and gas industry.  

BlackRock is “capriciously discriminating'” against fossil fuel firms, Patrick said as he called for the asset manager to be added to the list of financial firms that “boycott” fossil fuels. 

Several other states are pushing back on BlackRock. 

Source: Bloomberg 

Recall Tesla CEO Elon Musk called ESG a “scam” last year after the electric-vehicle maker was excluded from an S&P Global ESG index. 

Musk followed up with a tweet earlier this week that said, “The S in ESG stands for Satanic.”

However, in the interview, Fink said BlackRock took in $230 billion in 2022 from US clients, and the outflows were small, though he takes the issue “very seriously” and was trying to address the negative mood around ESG:

“We are doing everything we can to change the narrative.” 

While Fink tries to save the ESG narrative, a former BlackRock senior executive, Terrence R. Keeley, recently opined in a WSJ article that after “trillions of dollars have poured into environmental, social and governance funds in recent years … there is astonishingly little evidence of its tangible benefit.” 

Perhaps what Fink’s terrified about is a run on BlackRock funds because state officials and many others are realizing ESG investing is just another globalist ‘scam.‘ 

Tyler Durden
Wed, 01/18/2023 – 05:45

500 ATMs Blown-Up By Migrant Gangs In Germany In 2022, Setting New Record

0
500 ATMs Blown-Up By Migrant Gangs In Germany In 2022, Setting New Record

Authored by John Cody via Remix News,

Organized criminal gangs active in the Netherlands and France, mostly made up of Moroccan migrants, are blowing up ATMs in Germany at a record pace in highly professional robbery operations. In 2022, government statistics indicate that they blew up 500 such machines, with statistically more than one machine being blown up every day.

Cash remains popular with Germans, and to feed this demand, banks operate nearly 100,000 ATMs located throughout the country, with the machines routinely containing between €50,000 and €100,000. Criminal gangs are taking advantage of this, and they are willing to use extreme methods to gain access to this money. These criminal networks are said to meticulously plan their operations out, including initial surveillance, demolition, and the getaway. Police also say they act with brutality and ruthlessness, putting human lives at risk.

In fact, these migrant gangs are blowing up banks with such powerful explosives, that they are destroying entire buildings. In some cases, they have blown bank vault doors up to 30 meters away, underlining how powerful these blasts can be. Police say the danger facing Germans is unprecedented, as many of these banks are located in residential buildings.

Record number of cases

Although the final number of such bank heists has not yet been released for 2022, according to police sources obtained by Welt Am Sonntag, there were 500 such attacks, reaching a record high. Germany’s interior ministry is now holding high-level meetings on the issue, but it appears the robbery crews show little sign of slowing down. In 2021, the Federal Criminal Police reported that there were 414 cases of attempted or successful demolitions, while 2020 saw similar numbers.

Authorities describe how the gangs are most active in the west of Germany, with the most populous state, North-Rhine Westphalia, along with Lower Saxony, the most popular targets. For one, these regions are the closest states to the Netherlands, where the gangs are most active — although some gangs also operate out of France, which is also nearby.

How do the gangs operate?

The gangs tend to target banks located close to major motorways in order to make a quick getaway, with most banks targeted in the early morning hours when the roads are mostly empty.

They usually work in teams with each member playing a specific role. In one case near the small town of Heusenstamm in Hesse, the gang doused garbage bins in gasoline and set them on fire in the middle of the road, effectively creating a roadblock for both lanes of traffic. This roadblock would later hinder the police from pursuing the getaway vehicle.

Another two men, wearing face masks and tracksuits, pried the door open of the Commerzbank. They were filmed breaking open the ATM’s cash slots and then using a hose to fill the machine with acetylene and oxygen, which serve as the two ingredients for their bomb. Another individual who then detonated the bomb was in a BMW 320d behind the bank.

The men worked “with the precision and speed of a racing team at a pit stop,” according to Welt.

However, that is just one incident. Such explosions are rocking Germany nearly every night, and often the damage is far worse than thousands of euros lost from the machines.

A report from Die Welt details how powerful explosions have badly damaged buildings and led to residents being evacuated from their homes. Videos of explosions in buildings, supermarkets, and other public spaces routinely run on German news the next morning.

In one court trial for a gang member police managed to arrest, a judge from Hesse described “war-like damage” in German inner cities during sentencing. Police investigators from the prosecutor’s office described the gang as conducting “explosive attacks in public spaces.”

As a result, the line between robbery and terrorism is beginning to blur in such cases.

“It’s a miracle that there haven’t been any deaths yet,” says Swen Eigenbrodt, the lead investigator of a special new unit in the Hessian State Criminal Police Office (LKA). The unit has been actively targeting the gangs who have participated in the ATM heists seen in the state.

Some perpetrators have been brought into custody, often through small but legally devastating mistakes. For example, some have left fingerprints at the scene, others have been caught by speed-trap cameras while trying to race away from the scene, and sometimes they are apprehended with their smartphones, which provide movement data. Nevertheless, an arrest at the scene of the crime is very rare, as the teams move so fast, and despite some arrests, there are enough teams active that the demolitions continue to rise.

Utrecht is a hotspot

The Dutch city of Utrecht is prosperous, but it also faces pockets of poverty and in some neighborhoods, up to 60 percent of the population has a migration background. Now, Dutch and German law enforcement are working together to stop these organized gangs, as many of them come from this city.

Dutch criminologist Cyrille Fijnaut, a professor emeritus, has been observing these ATM heist crews for 20 years and actively advises the Dutch government. He said that the network of criminals consists of about 200 to 400 young men and that “many of them have Moroccan roots.” He said they often follow in the footsteps of older boys in their neighborhoods, who sport expensive watches and sports cars.

A few years ago, one of the top gang bosses set up his own training center for ATM demolition crews. He simply rented out a factory building, ordered discarded ATMs online, and began training members in what served as a sort of school for gang members. However, these criminal networks are also active in cities such as Amsterdam and Alkmaar.

A famed Dutch defense lawyer, Vito Shukrula, also said that these types of heists are actually used as “seed” money to enter into the Dutch cocaine trade. He described it as “easy money” for these teams.

As Remix News has previously reported, the Moroccan Mafia earns billions in revenue every year from the drug trade in the Netherlands. The criminal group has assassinated not only rivals, but also state witnesses and even journalists. The group has become so feared that 18-year-old Dutch Princess Amalia went into hiding over credible kidnapping and assassination threats just months ago. Dutch Prime Minister Mark Rutte has also beefed up his security due to threats from the group.

Tyler Durden
Wed, 01/18/2023 – 05:00

“Brought To Justice”: Italian Mafia Boss Arrested At Hospital After Three Decades On The Run

0
“Brought To Justice”: Italian Mafia Boss Arrested At Hospital After Three Decades On The Run

Italy’s most wanted mafia boss, Matteo Messina Denaro, was arrested on Monday at a private hospital in Sicily during a cancer treatment, after being on the run since 1993.

Nicknamed “Diabolik” and “‘U Siccu” (The Skinny One), Messina Denaro had been sentenced in absentia to life in prison for the 1992 murders of two anti-mafia prosecutors, Giovanni Falcone and Paolo Borsellino.

Two armed police led the 60-year-old mafia boss away from Palermo’s “La Maddalena” hospital, where he had registered under a fake name.

“We had a clue to the investigation and followed it through to today’s arrest,” said Palermo prosecutor Maurizio de Lucia.

Magistrate Paolo Guido, who was also in charge of investigations into Messina Denaro, said dismantling his network of protectors was key in reaching the result following years of work.

A second man, who had driven Messina Denaro to the hospital, was arrested at the scene on suspicion of aiding a fugitive.

Images on social media show locals applauding and shaking hands with police in balaclavas as the minivan carrying Messina Denaro was driven away from the suburban hospital to a secret location. –Reuters

“We have not won the war, we have not defeated the mafia, but this battle was a key battle to win, and it is a heavy blow to organised crime,” said Italian Prime Minister Giorgia Meloni, who traveled to Sicily to congratulate police chiefs on the arrest.

Who is Matteo Messino Denaro?

As the Evening Standard reports, he was born in Sicily in 1962. His father was a powerful Cosa Nostra boss.

Messina Denaro, known as “the skinny one,” was involved in several crimes, including racketeering, money laundering and drug trafficking.

“I filled a cemetery, all by myself,” he is said to have once claimed.

Timeline of crimes and arrest

1992

Anti-mafia prosecutors Giovanni Falcone and Paolo Borsellino were killed by car bombs within months of each other.

The attacks also killed several bodyguards and policemen, as well as Falcone’s wife.

1993

The mafia organised a series of bomb attacks in Milan, Florence, and Rome.

On May 27, a bomb was detonated outside the Uffizi Gallery in Florence, killing five people and injuring dozens more. Ten people were killed in the series of bombings.

In November, Giuseppe Di Matteo, the 12-year-old son of a former mafia member turned state witness, was kidnapped. He was held captive and tortured for two years before being killed and his body dissolved in acid.

Messina Denaro became a fugitive but is thought to have continued to issue orders.

2002

Messina Denaro was sentenced to life in jail in absentia in 2002 for a number of murders, including the 1992 killings and the 1993 bomb attacks, despite still being a fugitive.

2013

His sister Patrizia and several associates were arrested.

2023

Messina Denaro was arrested on January 16.  -Evening Standard

“In the aftermath of the anniversary of the arrest of Totò Riina, another head of organised crime, Matteo Messina Denaro is brought to justice,” said PM Meloni, adding “My warmest thanks, together with those of the entire government, go to the police forces, and in particular to the Ros dei Carabinieri, to the national anti-mafia prosecutor, and to the Palermo prosecutor for the capture of the most significant exponent of mafia crime.”

Tyler Durden
Wed, 01/18/2023 – 04:15

Crisis Over? Europe’s Gas Stocks At Seasonal Record High

0
Crisis Over? Europe’s Gas Stocks At Seasonal Record High

By John Kemp, senior energy market analyst

Northwest Europe is half-way through the winter heating season and gas inventories are at a record high following an extended period of exceptionally mild temperatures since the middle of December.

Preparation and luck have combined to rescue Europe from potential gas shortages this winter: 

  • Preparation by policymakers and forward-looking gas markets ensured inventories began the winter season at the one of the highest levels on record.
  • Market-driven high prices have significantly reduced gas and electricity consumption by major industrial customers and more modestly by residential and commercial users.
  • Luck in the form of exceptionally mild weather has transformed comfortable stocks in mid-December into plentiful inventories by mid-January.

At Frankfurt in Germany, a proxy for the densely populated northwest Europe mega-region, half of winter heating demand occurs on average on or before January 15.

On January 15, inventories across the European Union and the United Kingdom amounted to 922 terawatt-hours (TWh), according to Gas Infrastructure Europe (“Aggregated gas storage inventory”, GIE, January 17).

Stocks were 268 TWh (+41% or +2.57 standard deviations) above the prior ten-year average, up from a surplus of 173 TWh (+23% or +1.58 standard deviations) when the warm spell began on December 19 and 92 TWh (+10% or +0.86 standard deviations) at the start of the winter season on October 1.

Heating demand started this winter close to the long-term average, with an unusually mild October offset by colder-than-normal temperatures in the first part of December. By December 19, Frankfurt had experienced a total of 675 heating degree days, very close to the long-term average of 682.

Between December 19 and January 15, however, the region experienced an exceptional and extended period of much warmer temperatures that reduced heating demand significantly.

Frankfurt experienced an additional 184 heating degree days, the lowest this century, and compared with a seasonal average of 341.

Cumulative heating demand so far this winter was 20% below the long-term seasonal average by January 15 compared with a 5% deficit by December 19.

As a result of mild weather, gas inventories depleted by just 18 TWh over the 27 days ending on January 15, compared with an average ten-year depletion of 113 TWh.

EMERGENCY OVER

Stocks are now projected to fall to a low of 612 TWh before winter ends, up from a projected low of 518 TWh on December 19 and 440 TWh when the winter season started on October 1.

Inventories are on course to end the winter at the highest level on record, with storage sites still more than 54% full.

Prices have already slumped to redirect more liquefied natural gas (LNG) to other regions of the world, encourage more consumption in Europe and stem inventory accumulation.

Futures prices for deliveries in March 2023 have halved to €56 per megawatt-hour from €110 on December 19 and €177 at the start of winter.

Lower prices will buy back some consumption lost earlier this winter from the most price-sensitive customers directly exposed to wholesale markets, mostly power producers and energy-intensive industrial users.

Gas-fired electricity generators are likely to operate for more hours at the expense of coal-fired and fuel oil-fired competitors, absorbing some of the surplus. Manufacturers of fertilizer, iron and steel, ceramics, glass and chemicals, as well as non-ferrous smelters, are likely to restart some idled capacity if prices remain lower.

Futures for gas delivered to Northwest Europe are now trading at a discount to gas delivered to Northeast Asia, from a premium over €11 per megawatt-hour on December 19 and almost €43 at the beginning of winter.

Relatively lower European prices should reduce the incentive to maximise LNG inflows and redirect more gas to importers in East and South Asia, which will also limit the further build up of a surplus in Europe.

Tyler Durden
Wed, 01/18/2023 – 03:30