Bloomberg reported that benchmark Dutch gas futures were 1.6 per cent lower on Monday evening. But that was after advancing as much as 14 per cent earlier in the day and as much as 20 per cent in the month of June alone.
The truth is that as long as the war continues on a deeply uncertain trajectory, convulsions of this variety are going to be a feature. This was evident on Monday when traders, having taken short positions on the price of gas expecting it to continue to fall, rushed to buy futures to cover themselves as supply concerns took root again.
“Some of the world’s largest gas producers have warned that Europe will remain prone to volatility until a new wave of supply, due around 2026, eases the tightness left by Russia’s cuts.”
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