The combination of weaker-than-anticipated winter heating demand in the world’s biggest economy and a freak industrial outage that buried the domestic gas market in excess supplies has gutted prices for the furnace and power-plant fuel. It’s a dramatic turnaround from just six months ago, when fears of impending shortages as the coldest time of year approached drove prices to a 14-year high.
But shale explorers like Chesapeake Energy Corp. are faced with a grim choice: keep drilling new wells to expand output, further drenching the country in supplies, or idle rigs and risk losing workers in one of the tightest labor markets in history. The reversal in gas’s fortunes has been, above all, the result of mild winter weather in the biggest US metropolitan areas that sapped demand at a time of year when consumption normally surges. At the same time, an explosion that shut a Texas gas-export complex last summer prevented many shipments of the fuel from heading to overseas market, triggering a backup of supplies into the domestic market.
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Business Maverick: Russian Economy Shrank 2.1% Last Year, Less Than Once ExpectedRussia’s economy contracted 2.1% last year, defying the worst fears of a major recession as surging commodity exports helped offset the impact of US and European sanctions imposed over President Vladimir Putin’s invasion of Ukraine.
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Business Maverick: Northern Ireland Enjoys a Brexit Dividend — But for How Long?The UK government has never been happy with Northern Ireland’s post-Brexit status. Boris Johnson’s divorce deal with the European Union handed Northern Ireland an advantage — keeping one foot in the bloc’s single market and the other in Britain’s — that has paid economic dividends, if not political ones. It is the only part of the UK outside of London that has fully recovered output lost to the coronavirus pandemic.
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BUSINESS MAVERICK: Cartoon Tuesday with RicoShare to Facebook Facebook Share to Twitter Twitter Share to Email App Email App Share to WhatsApp WhatsApp Hide
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Business Maverick: Zimbabwe Wants to Become Africa’s Dubai With Offshore CenterZimbabwe plans to set up an offshore financial center in the resort city of Victoria Falls that the government hopes will emulate the likes of Dubai and the Isle of Man to attract foreign investment. Then exproriate it without compensation when it becomes successful. Doos dom. how are they going to work around that since well the are economically sanctions by the soo called power county 🤔 ? 🤣🤣🤣🤣
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Business Maverick: Macron vows to boost French startups to avert funding slowdownFrench President Emmanuel Macron has vowed to boost investment in the nation’s startups in an effort to counter some of the slowdown in venture funding affecting other tech hubs.
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Business Maverick: Wealthy professionals are driving UK’s early retirement crisisAn exodus of rich professionals from jobs is driving Britain’s crisis of low participation in the labour market, according to new research that lays bare the challenge of plugging widespread worker shortages.
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