Saturday, August 06, 2022 11:25:59 AM
As far as the Ukraine/Russia NG (and coal) sanctions, Putin is not going to give in - withholding NG is his only bargaining chip with the EU. Germany and other EU countries are learning the hard way that closing down nukes and coal power plants before renewable energy sources were ready to replace them was a horrible idea. IIRC, Germany is going to cut NG supplies to businesses by 50% - that means they're going to have to shutter the factories that absolutely depend on NG, which is probably most of them - even if they're not using NG to make their products they likely heat the factory with NG. Office buildings may suffer the same fate - nobody heats buildings with electricity, way too expensive and inefficient.
Since this energy problem is EU-wide, yes, I expect it to put a huge dent in V sales - governments will be scrambling to cut costs everywhere - LNG costs about 4x more in the EU than it does in the US, and importing LNG to turn it into NG is the only way to escape the stranglehold Russia has on the EU NG market. At least my GLNG stock is benefiting from this, up 84% YTD, most of the gains since Russia invaded - they've sold two FSRU's that had been sitting idle for a few years to Italy - FSRU's take a shipload of LNG and turn it into NG that's pumped into existing NG pipeline systems onshore.
The Thought Police: To censor and protect. Craig Bruce
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