EUROPEAN ENERGY CRUNCH: More and more evidence is emerging of industrial consumers shutting down in Europe due to high electricity and gas prices. The latest: Spanish steel maker Sidenor plans to stop production 20 days from now until Dec 31 (that's equal to ~30% of the time).— Javier Blas (@JavierBlas) October 12, 2021
The global LNG shortage is so bad that Pakistan’s latest purchase tender received ZERO offers 🇵🇰 🚢 0️⃣— Stephen Stapczynski (@SStapczynski) October 12, 2021
Pakistan closed a tender yesterday seeking LNG cargoes for Dec.-Jan.
There is a growing risk that LNG buyers dependent on the spot market will be caught short this winter pic.twitter.com/t8w2byQLXz
The British media, in their desperation to stir the shit, would have us believe that the ongoing rises in energy prices are down to a combination of Brexit and Boris.
Yet, cast your eyes abroad and you can see that the problem is global.
A number of reasons, including:
- China buying large amounts of LNG
- China cutting back on its coal production (green policies and flooding)
- Russia playing silly buggers with gas supplies because of its long running dispute with the EU over Nord Stream 2 and Europe not wanting long term contract with Gazprom
- Covid screwing with supply chains
- The rush to go Green, without having the necessary capacity etc.
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