Oilprice.com: Europe's gas price now equals $410 per barrel 8/20/22
Bad for all gas customers, rather further positive for us Trillion shareholders.
From this: Europe's benchmark gas prices at the Dutch TTF hub rose 14% between Monday and Wednesday, rising 6% on Wednesday to a new record of $240 (236 euros) per megawatt-hour. Gas prices have already doubled since June, when Russia for the first time cut supplies through Nord Stream, the main pipeline for transporting gas to Europe's largest economy, Germany.
U.S. Natural Gas Prices Rally, Too
European prices are at record highs and at around seven times higher than U.S. benchmark prices. But the U.S. prices at Henry Hub have surged, too, to the highest they have been in 14 years. This is the result of flattish domestic production, strong gas demand from the power sector in heatwaves, and lower than normal stocks in storage, despite the outage at the Freeport LNG export terminal, which has made available more gas for domestic consumption. The Freeport LNG outage prompted a 39% decline in Henry Hub prices in June. But in July, higher-than-normal temperatures across much of the U.S. resulted in strong gas demand in the power sector, which absorbed much of the Freeport LNG-related surplus and kept natural gas inventories from rising faster, the EIA said last week. Moreover, natural gas price volatility reached an all-time high in Q1 2022, the EIA noted.
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The Turkish spot market price is currently US$34.76/mcf, which means we'll probably get another increase for Trillion Energy soon.