Everyone may be back to watching the daily number of coronavirus cases as the Omicron variant spreads through Europe, but the energy market is focusing on a more traditional gauge of worry: the temperature.
Prices soared to new records this week because of the impact of unexpected nuclear outages in France and worryingly low stockpiles across the continent. On Friday, natural gas prices plunged as Russia decided to supply the market at the 11th hour, yet they are still at dizzyingly high levels.
Buyers and sellers are now on high alert for signs of cold that would send prices into total meltdown. “Only a mild winter seems capable of alleviating the stress on the energy market,” said Jean-Paul Harreman, an analyst at research firm Enappsys Ltd.
