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Russian Gas Cuts Lift German Benchmark Power Price to Record High

Daniel

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Power prices in Europe have surged to record highs this week, as the effects of Russia’s gas supply cuts ripple through to the economies on the continent.

German power, the European benchmark, rose to a record EUR337/MWh ($343.25) while French prices neared an all-time high at EUR398 on the European Energy Exchange, Bloomberg reported on Wednesday.

The German parliament will vote on legislation this week that would allow the government to limit generation from gas plants to conserve fuel, and Electricite de France warned it may need to curb production at some of its French nuclear reactors this summer.

Severe maintenance problems at several of France’s nuclear plants have prompted neighboring countries to burn additional gas to generate electricity for France at a time when they are normally trying to conserve supplies for the winter.

The higher electricity prices reflect traders increasingly predicting that extremely tight gas supplies would persist for at least another year, ICIS power market analyst William Peck told Financial Times.

Peck said German electricity demand fell 5% in the past four months from a year earlier because of the higher energy costs, which would primarily reflect industrial users curtailing operations.

European zinc and aluminum smelters are under pressure from rising energy costs; Eurometaux, the European metals association, said the sector has been “on its knees” since last September and “further plant closures are a real concern if power prices stay so high.”

With Russian pipeline import volumes down more than 75% from pre-pandemic levels, there’s little chance of Europe reaching full storage ahead of winter.

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Source: seekingalpha.com

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Maersk, MSC to End Global Alliance in Container Shipping Shakeup

Daniel

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The world’s two biggest shipping lines – A.P. M?ller-Maersk (OTCPK:AMKBY) (OTCPK:AMKAF) and Mediterranean Shipping Co. – said Wednesday they will end their 2M vessel sharing partnership in 2025, a move S&P Global Platts said will shake up the container shipping market and .

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Article: seekingalpha.com

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U.S. Natural Gas Slides Below $3 for First Time in 19 Months

Daniel

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U.S. natural gas futures fell below $3 for the first time since May 2021, trading as low as $2.992/MMBtu Wednesday before the front-month February contract (NG1:COM) settled at a new 52-week low, -5.8% to $3.067/MMBtu.

Since fears that suppliers couldn’t meet wintertime demand pushed U.S. natgas prices to a 14-year high of ~$10/MMBtu in August, U.S. and Europe have refilled their buffer inventories ahead of winter, and relatively warm temperatures in the Northern Hemisphere so far have held down demand for heating.

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Source Here: seekingalpha.com

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Sens. Warren, Welch Urge Moderna to Reconsider COVID-19 Shot Price Increase

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Democratic Sens. Elizabeth Warren (Mass.) and Peter Welch (Vt.) are asking Moderna (NASDAQ:MRNA) CEO Stephane Bancel to reconsider a price hike for COVID-19 vaccines once they become available through the commercial market.

Moderna (MRNA), like rival Pfizer (), has said it plans to hike the price of its COVID shot to between $110 and $130 per dose, far higher than what the federal government has been paying for them.

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Original Article: seekingalpha.com

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