UK wholesale gas price appears to have dropped from around 58p/therm in Oct 14 to around 48p/therm today, that's a drop of around 25%. It will be interesting to see how Labour's energy price freeze promise pans out under these circumstances. Also with gas fired power generation input costs falling, the gap between fossil fuel generation and wind power generation costs will widen i.e. consumers will have to pay higher subsidies relative to market costs. Does anyone know where the projected break even point for shale gas is relative to current wholesale gas markets ? https://www.theice.com/products/910/UK-Natural-Gas-Futures/data
It is now clear to see that Saudi Arabia and the rest of the Gulf States are now intent on destroying or rendering oil production economically useless in North America The North Sea Russia and Iran. With trillions of dollars in cash reserves these states can keep oil at $40 dollars a barrel for years to come.
Oil prices are being manipulated solely to increase more pressure on Mr Putin nothing more and nothing less The Russian economy is built on oil and Gas and the world is punishing Russia for upholding the invasion of Ukrain .
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