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From what I have heard the fact that European gas storage is full is nice but not really all that meaningful. The gas storage is only large enough to last a week or something in that magnitude.
The German storage facilities hold gas for two months of typical January consumption rates.
Commodity traders and investors are very networked and really like such immediate usage news. Many firms also count trucks/traffic near sites etc. so it isn't surprising to see people respond to this. However, the causation is unclear to me. European gas stocks are at full capacity as is and this Winter is warm with minimal gas burned so far. A 7% drop is par for course in the last few weeks. An extra piece of bad ne…
From what I have heard the fact that European gas storage is full is nice but not really all that meaningful. The gas storage is only large enough to last a week or something in that magnitude.
Full capacity is ~1000TWh[0], while winter monthly consumption is around 450 TWh[1].
In other words, way more than a week, and yes, the storage does make a meaningful difference.
[0]: https://www.statista.com/statistics/1294025/quarterly-gas-in...
[1]: https://energy.ec.europa.eu/system/files/2022-04/Quarterly%2...
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Isn't it true that the price for gas in Europe is very inelastic at the moment (meaning they will pay pretty much any price to get it) and so any shortage of it will cause dramatic price increase? Also, Europe can't easily switch to another source of gas because they have maxed out everything they could. This is basically the reason why OPEC restricts oil production, it is just here the same is happening unintentiona…
Not sure if your post is trying to contradict the post you are replying to, which made the very good point that what plunged are US gas futures. I assume that yes, this would be very bad news for European gas consumers.
And anyone buys exports manufactured in Europe...
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Why is anyone still believing this stuff? How is anything on Twitter taken seriously anymore??
> How is anything on Twitter taken seriously anymore?? it was ever taken seriously?
Commodity traders and investors are very networked and really like such immediate usage news. Many firms also count trucks/traffic near sites etc. so it isn't surprising to see people respond to this. However, the causation is unclear to me. European gas stocks are at full capacity as is and this Winter is warm with minimal gas burned so far. A 7% drop is par for course in the last few weeks. An extra piece of bad ne…
I feel like I'm going crazy as this is not the first time I've seen / heard this argument. What does winter mean? I thought it was the months from December to February. I don't understand the narrative that we're in a warm winter at all. Winter, just like Game of Thrones, is coming.
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A more fun one: https://www.proactiveinvestors.co.uk/companies/news/998165/e...
> Eli Lilly is down 5% because the market for their most profitable drug, a $125k/yr mAb IL-17 inhibitor, fell 5%. This is why Novartis, their major competitor with Cosentyx, is also down the same amount
https://twitter.com/quantian1/status/1591149510168039426
which sounds a lot more believable, imo