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Europe probably has enough gas in storage to get through the winter, despite the current cold spell.
The one-year forward rate for the Title Transfer Facility (TTF) – the virtual trading point for natural gas – in Europe has risen nine times since last Spring.
There are a plethora of supply side issues emanating from the war that are likely to continue to drive prices higher.
The global economy and the corporate sector are currently being hit by a long list of problems: the ongoing pandemic, fragile value chains, high inflation rates, monetary tightening, and the war in Ukraine.
The EU (AAA/Stable) will disburse around EUR 1.2trn (about 8.5% of EU-27 GDP) over 2021-27.
The global economy is currently experiencing a supply shock that could lead to economic dislocation.
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