by Mish Shedlock, Mish Talk:
Key EU Natural Gas Points
- The long term average of of natural gas price in the EU is in the 12-15 range. It’s now 148.
- The EU is paying 10 to 12 times its long-term average
- Since June 8 (blue box) the price rose from 79 to 148, a rise of 87 percent.
Before addressing what happens if and when Putin shuts off natural gas to Europe, let’s take a look at what’s happening in the US.
The price units are not the same so it’s best to think in percentage terms.