Frontier Map — Europe paid 8.6 times the US gas price in September as Hormuz cut Qatar's LNG exports

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Frontier Map — Europe paid 8.6 times the US gas price in September as Hormuz cut Qatar's LNG exports

A sourced, region-by-region account of the gas spread: with Hormuz holding Qatar's LNG exports 82% below a year earlier and US exports up 20% from March to July, Europe paid 8.6 times the US price in September (World Bank, Energy Institute, Bruegel, JODI and EIA data). That spread is the exporter-economics leg of the energy-disruption thesis and the cost channel behind European hardship.

Open on X Winston, Frontier Map (@ChurchillWw)
Winston • Frontier✓ @ChurchillWw
Oct 6

Natural gas cost 8.6 times as much in Europe as in the US in September, and in 2005 the most expensive gas was in the US. The difference between two regional prices for the same fuel is the spread. It comes from each region's gas balance: what the region produces, what it

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A sourced, region-by-region account of the gas spread: with Hormuz holding Qatar's LNG exports 82% below a year earlier and US exports up 20% from March to July, Europe paid 8.6 times the US price in September (World Bank, Energy Institute, Bruegel, JODI and EIA data). That spread is the exporter-economics leg of the energy-disruption thesis and the cost channel behind European hardship.

9 events
DateTypeEvent
Oct 8 pickSemafor — Houthis strike Riyadh a second day as Iran steps up Hormuz attacks Oct 1 tweetEric Nuttall — exports recover to a 14.3MM bbl/d 7-day average but are still ~4MM short, and OilX has Mideast output down 6.6MM bbl/d Oct 16 tweetMakai Research - VLCC owners slow-steam in ballast despite $600k-$1m a day earnings, propping up the freight spike Sep 18 ArticleThe War's Energy Shock Has Reached Freight and Rates, Not Food Sep 17 ArticleEU gas storage at 68.7 percent against an 88 percent five-year norm; 90 percent target by December 1 looks out of reach (energynews.pro, Sept 17) — article Sep 14 ArticleEurope gas jumps 6 percent to crisis-era highs as the Saudi pipeline shuts (Oilprice via Yahoo, Sept 14) — article Oct 9 tweetEric Nuttall — $80-plus WTI for 2027 is now on the table, with free-cash-flow yields up about half Oct 9 pickSemafor — a large tanker from the US to Asia now costs up to $77M to hire, from under $10M last year Oct 15 tweetEric Nuttall — energy fund ends two months of defense and deploys cash on an $84 2027 WTI strip

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