The Energy Crisis Is Turning Into A Nightmare Scenario... But How Did We Get Here?

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The benchmark European gas prices continue their rally this week, surging to new record highs on Tuesday to an equivalent of $230 a barrel oil, amid a wider energy commodity rally driven by supply concerns ahead of the winter.
The gas price at the Dutch TTF hub, the benchmark gas price for Europe, soared on Tuesday to above 100 euro per MWh for the first time ever, as gas and coal prices rally in Europe and Asia and as nuclear power generation in France fell due to a strike.

The energy crisis continues to worsen, and there is no immediate relief in sight, analysts say.

"Everything looks set for another week of price climbs, as the fiercely nervous sentiment on the market continues due to fears of reduced supply during the winter. The most traded contracts on the important Dutch TTF hub once again climbed to all-time highs, and could easily continue the uptrend today," Energi Danmark said in a note on Tuesday.

According to Ole Hansen, Head of Commodity Strategy at Saxo Bank, the Dutch TTF gas benchmark traded in the morning in Europe up 12 percent on the day at €106.3/MWh, equivalent to $36/MMBtu or $205 per barrel of crude oil.